A former director of Manchester United Ltd. /zigman2/quotes/205140601/composite MANU -0.80% , Michael Knighton, is planning to submit a bid to buy the operator of the U.K.-based football club from the Glazer family, according to a report in the Manchester Evening News. Manchester United's stock was still inactive in premarket trading. Knighton, who had come close to buying the club in the 1980s, has said he and a consortium of investors are in the process of drawing up an offer, the report said. The current American owners have come under increasing pressure, including protests by fans, to sell the club, after several years of disappointing performances and transfer windows, in which sought-after players weren't brought in. "My consortium is ready and waiting, the funds are pledged, the offer document is being drawn up and it will be presented," Knighton said, in an interview tweeted by MUFC Stream TV . He said his consortium will be placing the bid "very shortly, that I guarantee you." The stock has dropped 20.0% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.02% has lost 13.5%.