The consortium will wait for the valuation of the Red Devils to come down to £1billion.
Reports have suggested that the Gazers have already rejected a £1.5billion offer from a Far East consortium for United.
“The Red Knights remain committed to pursuing their efforts to try and help bring ownership of Manchester United to its supporters, and under a structure with materially less debt,” said a statement on behalf of the group.
“As we have maintained however since news of our ambitions first emerged in March, we will only attempt to purchase the club at a sensible price, consistent with the long-term interests of the club.
“Persistent speculation in the media of inflated valuation aspirations has made our goals less attainable, as potential investors have strongly reinforced our views that we should not move forward at a price uneconomic for the future of the club.”
“We understand that many supporters were hoping that we might be in a position to make a bid before the season ticket renewal deadline,” the statement continued.
“However our approach is best served by long-term interests of all. We have never taken a stance on season ticket renewals, it is a personal choice for all supporters.
“We have spent some considerable time assessing the value of the club. If the fundamentals lead to a more realistic re-assessment then, along with our co-operation with MUST and other Manchester United supporters, we will aim to achieve our goals.”
