London, May 30(ANI): The Red Knights consortium, a group of wealthy Manchester United fans, has reportedly shelved a takeover bid for the club, following the Florida-based Glazer family's 1.5 billion pound price tag.
The group had been expected to lodge a formal offer for Manchester United before the start of next month's World Cup.
The Glazers are said to value Manchester United at 1.5 billion pounds, and last week insisted again that the club was not for sale.
Sources close to the consortium, led by Jim O'Neill, Chief Economist at Goldman Sachs, said the valuation had deterred many potential consortium members.
"They wanted 1.5 billion pounds, but the consortium was looking at between 950 million and one billion pounds. With Sir Alex Ferguson [Manchester United manager] rumoured to be close to retirement, little money spent on players recently and the club's debts increasing, there was a lot more downside than upside," Timesonline quoted one source, as saying.
"There have been meetings in the past few days, but there is unlikely to be a bid in the foreseeable future," another source added.
A statement on the future of the bid is expected this week after a meeting of the consortium in London.
The decision will come as a blow to Manchester United fans, who had pinned their hopes on the Glazers being ousted.
The Manchester United Supporters Trust, which is organizing protests against the family, had given its formal backing to the Red Knights campaign. (ANI)