The Red Knights shot at buying Man Utd looks high, wide and hopeful

By Alistair Osborne, Assistant Editor Published: 9:07PM GMT 05 March 2010

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The Manchester United physical education instructor was essentially articulate about Newcastle United"s supporters. But his difference sprang to mind this week when The Red Knights took the representation for their hate compare opposite the Tampa Bay Glazers.

Fanatical is one approach of describing the Knights a group of businessmen captained by Goldman Sachs" Jim O"Neill, who are as ill as parrots at carrying their bar paid for by the Glazers for �790m in 2005. Not slightest since the understanding put a debt towering in the centre turn at Old Trafford. Even Giggsy has difficulty dribbling turn that one.

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It"s odd, though, that Team Glazer is already personification such an romantic game, judging by this week"s rantings from David Gill, Man U"s arch executive.

Borrowing from the Fergie propagandize of mind games, Gill insisted that the bar is "not for sale", claimed that you can"t run a commercial operation with "twenty, thirty, forty rich owners" and gratuitously stranded the foot in to Keith Harris the Knight"s confidant from Seymour Pierce dismissing his football bent as "not a lot to write home about".

Even Rio (without a crocked back) would have difficulty fortifying that lot. Not slightest the initial one. Gill knows that, in business, there is a cost for all and little, so far, in the Glazers" stewardship of Man Utd convinces that they are in it for anything alternative than the money.

Whatever Gill competence argue, the Glazers cannot assistance giving the sense they are short of cash. They paid for Man Utd with borrowed money. And, whilst they have usually refinanced a little of the debt around a �500m bond, it"s tough to fathom because if they have the readies that they are still permitting payment-in-kind records to hurl up at 14.25pc. Particularly when seductiveness rates are so low.

So far, the family"s debt on the PIKs is �202m a total the Glazers right away plan to reduce, most to the madness of the Stretford End, by receiving �70m of income out of Man Utd. Naturally, the fans wish that outlayed on the subsequent Wayne Rooney.

Whether the Knights have the claim conflict is tough to discuss it but it"s a consternation so most people are floating the alarm on their efforts when the compare has hardly begun. O"Neill is no beginner player even if he is contrast Goldman"s high regard of the offside laws by receiving a shot at the Glazers usually weeks after his bank common �15m in fees from the down payment issue.

Assuming the Knights leave the down payment in place, they would still have to lift tons of equity to encounter the Glazers" ostensible �1.2bn gratefulness of the business. That implies a cornerstone financier or dual and a showering of tenners from the fans if the Knights wish to replicate Barcelona"s corporate structure.

But �1.2bn, or roughly 4 times sales, looks flattering drastic and would see toppier still if the fans begin boycotting matches. The Glazers competence solve for less usually a decent profit, say. Just think, they would no longer have to revisit Manchester where they are even less acquire than Arsène Wenger and would have got off the representation prior to the riskier post-Fergie era.

A win for the Knights still looks a long-shot. But, remember, it"s a droll old game.

alistair.osborne@telegraph.co.uk