A consortium of investors has shelved plans to launch a takeover bid for Manchester United Football Club (MUFC) as it does not believe it would achieve a "fair value" for the club.

The Red Knights has been looking to acquire the Premier League outfit from current owners, the Glazer family, but has expressed concern that "inflated value aspirations" would make its bid likely to fail. In a statement, the consortium said it remained committed to efforts to return ownership of MUFC to its supporters and reduce existing debt levels, but would only pay a "sensible" price for the club.

Manchester United Supporters' Trust (MUST), which is opposed to the Glazers' ownership of the club, supported the Red Knights' decision to postpone its bid until a "realistic view" of the club's value is achieved. A MUST spokesperson said: "We completely support the stance of the Red Knights group not to pay a ridiculous premium price to the Glazers. We want to see investment in the club - not more money going into the Glazers' pockets."

Elsewhere, Cardiff City Football Club (CCFC) shareholders have backed a proposed £6m investment in the Coca-Cola Championship club by a Malaysia-based consortium. At an extraordinary general meeting on 27 May, the club's shareholders approved the appointment of Dato Chan Tien Ghee as chair and three new non-executive directors; Paul Guy, U-Jiun Tan and Michael Isaac.

Gethin Jenkins and Doug Lee have been appointed chief executive and finance director at CCFC respectively, while Peter Ridsdale, Keith Harris and Alan Flitcroft have all left the club. Portsmouth Football Club (PFC), which was recently relegated from the Premier League, has confirmed the appointment of David Lampitt as its new chief executive.

Lampitt's appointment comes as administrators acting on behalf of the club revealed that creditors will be offered 20 pence in every pound in a bid to secure a company voluntary arrangement (CVA). The CVA proposal - designed to help allow PFC to exit administration - has been submitted to each of the club's creditors ahead of a meeting scheduled for 17 June.

Meanwhile, Ross County Football Club of Scottish League Division One has confirmed that chair Dave Siegel has decided to step down from the position.