According to well-placed sources, the favoured option is now for a £1.2bn bid working in two phases.
Having decided to retain the £500m bond recently used to refinance the Glazers’ debts, the Knights are discussing a plan whereby two thirds of the remaining £700m would be raised from 30-40 super rich United supporters. The final third would come from fundraising among ordinary fans. If necessary, the Knights say they will borrow money to complete the bid.
In phase two – once the club was secured – a general share offer would be launched allowing supporters the chance to own a stake in their club.
Once this structure is agreed, Nomura will begin the process – perhaps as early as next week – of asking the 30 or 40 wealthy Knights to commit their cash.