Secret plan to give fans ownership of United

MANCHESTER UNITED could become a mutual organisation owned solely for the benefit of its fans, according to a secret finance plan being drawn up by Irish financier Dermot Desmond, it was reported yesterday.

The idea is reputedly the brainchild of Desmond, a major shareholder at Celtic, who initially employed US investment bank Goldman Sachs to work on his plan.

Under Desmond’s proposals, the club would be bought with debt secured against its future revenues. Ownership would then be handed over to an unbreakable mutual trust whose directors would be independent and elected partly by the fans.

The aim would be to make the club bid-proof, making sure it was only ever owned by the fans.

Goldman Sachs produced a 40-page report on the plan several months ago but is no longer involved in the project.

A group of senior London bankers is now casting its eye over the proposal.

According to the Sunday Times, bankers who have studied the plan doubt whether it is entirely philanthropic, since Desmond is close friends with two Irish businessmen who last year bought an 8.6 per cent stake in the club.

The businessmen, JP McManus and John Magnier, are United’s second largest shareholders, and there has been speculation that they are planning to take over the club a rumour fuelled by their friendship with United manager Alex Ferguson.

Backers of the new plan have told The Sunday Times a debt-

funded bid for the club would be possible because most of its revenue is virtually guaranteed.

Two years ago, the club signed a 13-year sponsorship deal with sportswear giant Nike worth £303m, while it has a market value of £265m.