Get Glazer: the football plot

Channel 4's Who Knows Who investigates the scheme to oust Manchester United's American owners.

"The Glazers are playing with an icon of football, one of the most respected brands in the world."

The words of Premier League deal-maker and die-hard Manchester United fan, Keith Harris, who is part of the plot to rid the legendary club of its unpopular American owners.

Harris is one of a group of businessmen believed to be putting together a mega-deal, backed by investment giants, with one aim: to buy back United.

So who are the Red Knights and what is the background to this epic joust at the heart of English football?

Manchester United plc began trading on the London Stock Exchange in 1991. With manager Sir Alex Ferguson bringing in increasing loads of silverware, the club spread its corporate wings and evolved into a major global brand.

Even media mogul Rupert Murdoch wanted a slice of the action in 1998, but TV rights issues meant BSkyB's bid for the club was blocked by the Monopolies and Mergers Commission.

Then came the Irish racing duo, John Magnier and JP McManus. They gradually increased their stake holding in the club to 29 per cent and became friends with Sir Alex.

The flamboyant pair famously gifted the United coach with a share in one of their star horses, Rock of Gibraltar.

Some of the club's current turbulence can be rooted in this paddock. When Sir Alex apparently fell out with Magnier and McManus over his share of the horse's stud fees, in rode the Tampa Bay Buccaneer himself, Malcolm Glazer, with his family entourage.

After much speculation and boardroom posturing, the Irish duo sold their stake in United to Glazer and the Old Trafford debt years began.

Loyal supporters, decked in the green and gold of the original team Newton Heath, accuse the Glazers of taking a club that was relatively debt-free in 2005 and loading it with liabilities.

It is estimated the Glazers have so far borrowed £715m. United only made a profit last year because of the sale of Cristiano Ronaldo to Real Madrid for £80m. The Glazers are now believed to be trying to raise £500m by selling bonds to investors around the world.

This is where the Red Knights gallop into view. Not just powerful figures in business, they are also Manchester United superfans prepared to invest their own pounds.

Keith Harris is known as football's Mr Fixit for brokering deals in several Premier League takeovers. The former Football League chairman helped US businessman and owner of NFL side the Cleveland Browns, Randy Lerner, get his hands on Aston Villa.

He was also involved in former Thai prime minister Thaksin Shinawatra's brief tenure at Manchester City.

However, United chief executive David Gill has dismissed Harris's role in the Red Knights and has urged supporters to ignore the speculation. Gill, who originally opposed the Glazer takeover, recently said: "I would appeal to the fans to be sensible and get behind the team."

The chief Red Knight is chief economist at Goldman Sachs Jim O' Neill who is said to be "orchestrating" the plot. He grew up in Manchester and is a lifelong United fan.

O' Neill shunned private school for Burnage Comprehensive, which connects him to fellow alumni Noel and Liam Gallagher - notoriously devoted fans of rival club Manchester City.

Goldman Sachs is reportedly considering giving O'Neill an ultimatum - choose between the bank or the Red Knights. It is thought the Glazers have threatened to break ties with the investment bank because of the rift.

Hedge fund boss Paul Marshall, a keen supporter of the Liberal Democrats, is the likely third Knight.

Marshall, who along with business partner Ian Wace owns a reported fortune of £175m, has worked as an adviser to current Lib Dem leader Nick Clegg and researcher for Charles Kennedy.

Mark Rawlinson is a confirmed Red Knight and has told Who Knows Who the talks are very much active.

He is partner in and corporate head of "magic circle" law firm Freshfields and previously acted on behalf of United during Glazer's £790m takeover in 2005. Rawlinson is another keen Red Devils fan.

The Red Knight names being circulated are rounded off with Richard Hytner, a senior executive from famed advertising agency Saatchi & Saatchi.

Their plan is to raise £1bn in order to make an offer to Malcolm Glazer. For this the group needs an "anchor investor".

It has been confirmed the Japanese investment bank Nomura has been recruited to help the group.

So it appears the Red Knights have access to major investors, connections in football's inner circle, legal clout and the slickness of a Saatchi marketing campaign.

Whether their true binding force is football fandom or business acumen, this portfolio may prove too powerful for the debt-ridden Glazers to resist.