Michael Knighton has pulled out of the race to purchase Manchester United
Sir Jim Ratcliffe has received the support of Michael Knighton in his bid to become the new owner of Manchester United. At Old Trafford, almost all of the headlines continue to be about how the Glazer family might sell the club after almost twenty years of ownership.
In August of this year, the former United director made the announcement that he was in the process of putting together a bid for the club. Just one month later, he insisted that the bid was "moving forward." However, following the announcement earlier this week by the club's current ownership that they will consider "new investment, a sale, or other" potential transactions, Knighton has decided to withdraw his name from consideration for the ownership of the club.
Knighton has now backed the OGC Nice owner to take over at Old Trafford as well. Reports have suggested that Ratcliffe, a multi-billionaire who is listed as one of the richest men in the UK, will bid to buy the Red Devils, and Ratcliffe is listed as one of the UK's richest men. Former board member Knighton, who in 1989 had a bid to buy United accepted for £20 million but was unable to complete the transaction, thinks that super-rich Ratcliffe's level of wealth makes him the perfect candidate to take the club on moving forward because he has such a large amount of it.
During an interview with BBC Manchester, Knighton stated, "I've been calling on the current owners to sell their shareholding." I have been dissatisfied with the business model that they implemented in 2005, which included a highly geared and leveraged buyout, the use of the club's assets in order to purchase the club, and the burdening of the club with an enormous amount of debt.
"Therefore, it makes me extremely happy that they have at last come to the conclusion that their time is drawing to a close. I have no doubt that all of the supporters will be (too). During my three years at Manchester United, I did not take one single half penny for myself, not even for expenses. My sincere wish is that the incoming proprietors will share your outlook on things."This is why I've been advocating for the cause of Sir Jim Ratcliffe because he's already gone public and said that I don't need to take any money out of any football club that I own. This is why I've been championing the cause of Sir Jim Ratcliffe. A highly successful business provides him with a sufficient income.
Despite this, Knighton dismissed the notion that he might be able to purchase the keys to Old Trafford. The 71-year-old man, who has an estimated net worth of £5.8 million, criticized the Glazers in August, calling them "useless," and disclosed that he wanted to form a consortium.
After a period of three months, Knighton has stated that despite the fact that his heart is still with United, he does not wish to be the center of attention. The former director continued by saying, "I would be very surprised if someone comes in, at any significant level, to be a minority shareholder." To me, that doesn't make any sense at all. If you put one billion British pounds into it... no one else is going to do that."
As a result of my involvement with that football club, the color of my blood will never change. Do you think I should have the director job? No. Do I feel comfortable putting myself in front of a camera? No. I just want people who play football the right way and care about what Manchester United stands for as a club. It is still without a doubt the most enchanted football club in the entire world. Who is going to walk through the door? In the end, I simply do not have any idea. I'm keeping my fingers crossed that it will be Sir Jim Ratcliffe or someone else along those lines."
