Wealthy supporters seeking to buy English soccer club Manchester United said they would not overpay, after a source close to the matter said the club last year rejected a bid for 1.5 billion pounds ($2.3 billion)."We have had productive conversations with potential investors in recent weeks which have reinforced our belief that it is wrong to offer above fair value, particularly given the urgent need for the club to reduce debt," the Red Knights, a group including former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O'Neill, said in a statement."That fair value is likely to be reducing over time given headwinds facing the game of football."The statement is likely to dampen earlier media speculation the Red Knights might offer over 1 billion pounds for the world's third wealthiest soccer club behind Spain's Real Madrid and Barcelona.The Glazer family, the U.S. sports tycoons who bought Manchester United for about 790 million pounds in 2005 against a wave of opposition from fans, have repeatedly said the club is not for sale.A source close to the matter told Reuters the family rejected an offer of about 1.5 billion pounds last year from a Middle East investor, and denied his comments were a negotiating ploy aimed at driving up the potential bid price."This club is not for sale," he said.Manchester United's debts have swelled to about 716.5 million pounds, to the consternation of many fans.A growing number have been protesting by shunning the side's red and white colours and sporting green and gold, worn when the team was known as Newton Heath in its early days.The Red Knights, who are working with the Manchester United Supporters Trust (MUST), said they were making progress in assembling a bid consortium."The response continues to be encouraging but the process to achieve it is understandably complex and is taking time," they said."We will continue to build support in a measured way and will give a further update in due course."Manchester United on Sunday finished second in England's Premier League, losing out to London rivals Chelsea after three seasons as champions.(Reporting by Mark Potter; Editing by Mike Nesbit)News posted by www.newsinfoline.com
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