The Red Knights group of wealthy supporters mulling a takeover of Manchester United has shelved plans to make a bid for the club.
The group, which includes former Football League chairman Keith Harris and Goldman Sachs chief economist Jim O'Neill, say media speculation of "inflated valuation aspirations" hampered its plans, the BBC reports.
It added it had always maintained it would only pay a sensible price for Manchester United.
Last week, United reiterated it was not for sale and Glazer family owners would not listen to offers.
The Glazer family bought Manchester United for £800m in 2005.
However in January, the club was forced to launch a bond issue to raise £500m in a bid to pay off its debts.
Although no total debt figure was disclosed in the club's January results announcement, it is understood to stand at about £699m.
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