 In 1989, chairman Martin Edwards attempted to sell the club to Michael Knighton for £20 million, but the sale fell through and Knighton joined the board of directors instead.Manchester United was floated on the stock market in June 1991 (raising £6.7 million), and received yet another takeover bid in 1998, this time from Rupert Murdoch's British Sky Broadcasting Corporation.This resulted in the formation of "Shareholders United Against Murdoch" – now the "Manchester United Supporters' Trust" – who encouraged supporters to buy shares in the club in an attempt to block any hostile takeover.