THE group of wealthy thy Manchester United fans dubbed "The Red Knights" have shelved plans to make a bid for the club.
The members said media speculation had triggered “inflated valuation aspirations” and contributed to the sidelining of a bid.
It said it would only pay a sensible price for Manchester United, with £1bn the maximum.
Last week, United reiterated it was not for sale and that the Glazer family owners would not listen to offers.
The Glazer family bought Manchester United for £800m in 2005.
The Red Knights group includes the former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O'Neill.
City A.M. Reporter