The Red Knights, a group of wealthy Manchester United supporters, confirmed yesterday that they had begun moves towards a possible takeover of the heavily-indebted club.

The group, which includes some senior City of London figures including Goldman Sachs chief economist Jim O'Neill, want to wrest control of the Premier League champions from the US-based Glazer family and give United's global fanbase a significant role in running the club.

In a statement, they said they were examining the feasibility of a proposal to be put to the Glazers and called for backing from United fans worldwide for what could turn into the biggest takeover deal in football history.

The current owners have ruled out a sale of the club for the foreseeable future but the Red Knights move will fuel a burgeoning anti-Glazer protest movement among United fans who are angry at the way the club's debts have spiralled since the Americans took control in 2005.

The most recent accounts for United's parent company, Red Football Joint Venture, showed that it had debts of £719 million.

Supporters fear the cost of servicing that debt will act as a brake on investment in Alex Ferguson's team, if it is not already doing so.

The scale of the debt also means that, for any takeover bid to succeed, the would-be purchasers would need in excess of one billion pounds to enable the Glazers to walk away with the kind of profit on their investment that would convince them to sell.

United fans have, this season, begun wearing green and gold scarves to matches as a symbolic protest against the Glazers.

Those were the colours of Newton Heath, the club which changed its name to Manchester United in 1902 after going bankrupt and the emphasis on the club's pre-Glazer history and traditions was in evidence at Sunday's League Cup final, where a majority of United fans appeared to be decked out in green and gold.