“The Red Knights remain committed to pursuing their efforts to try and help bring ownership of Manchester United to its supporters, and under a structure with materially less debt,” said a statement on behalf of the group. “As we have maintained however since news of our ambitions first emerged in March, we will only attempt to purchase the club at a sensible price, consistent with the long-term interests of the club. Persistent speculation in the media of inflated valuation aspirations has made our goals less attainable, as potential investors have strongly reinforced our views that we should not move forward at a price uneconomic for the future of the club.”

“MUST welcomes the statement from the Red Knights group that they remain determined and committed to achieving the ultimate aim of a supporter-owned club,” read a MUST statement today. “MUST also supports the Red Knights reinforcement of their position that they will not pay above fair value for Manchester United. This is in the best long term interests of Manchester United FC and its supporters. Rather than lining the Glazers pockets with yet more of our money, we want to invest instead in squad strengthening, stadium improvement, rewarding loyalty with fairer ticket prices and paying down the debt – not to mention the fact that if supporters are going to be able to afford a decent chunk of the shares in the second phase of the Red Knights takeover, then an inflated valuation will significantly impact on that. Haven’t the Glazers taken enough money off supporters already?”