A consortium of investors eyeing up a potential bid for Manchester United Football Club (MUFC) has confirmed that it will offer what it considers a "fair value" for the club.

The Red Knights are believed to be in the final stages of launching a takeover bid for the Premier League club, which is set to be in the region of £1bn. Recent media reports claim that MUFC owners, the Glazer family, rejected a £1.5bn bid for the former Premier League champions in 2009, but the Red Knights believe the club's value has now fallen.

In a statement, the Red Knights said: "Our primary goals remain to facilitate a return of ownership of the club to its supporters and the community; and to restore the financial health of the club. "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."

Manchester United Supporters' Trust (MUST) has backed the Red Knights' stance, claiming that the club incurred its large debt as a result of the Glazer family paying more than the club was worth. MUST chief executive Duncan Drasdo said: "The Glazers were duped into paying an inflated price which they evidently couldn't afford to fund themselves and has resulted in huge damage to the club.

"In stark contrast the Red Knights collectively have financial resources which dwarf those of the Glazers, but they are not prepared to overpay because this would ultimately be detrimental to Manchester United Football Club."