American hedge fund Elliott “made a last-minute bid for Manchester United before Friday’s deadline”, but the firm – which formerly owned AC Milan and manages £46bn in assets – “does not want a full-blown takeover of the Red Devils ”.
- Man United’s takeover race has taken a turn as Elliott has reportedly made a bid
- The US-based hedge fund is said to have made a last-minute offer to United
- But the former owners of AC Milan are currently only interested in funding a bid
American hedge fund Elliott has reportedly made a last-minute bid for Manchester United ahead of Friday’s deadline in Manchester United’s £5billion bidding war.
However, the group, which previously owned Serie A side AC Milan and manages £46billion in assets, are said to not be considering a full takeover and instead want to help fund a bid, according to the Times.
The race for the keys to Old Trafford is heating up as a Qatari bid – led by Sheikh Jassim Bin Hamad Al Thani – has already been submitted and Britain’s richest man Sir Jim Ratcliffe has also made an offer.
But Elliott – led by Paul Singer – is now seen as an outside contender to take part in a bid, with the firm potentially taking a stake in the club or providing debt financing, the report adds.
A small team in Elliot’s London office put together the offer – and their potential involvement could help any bidders interested in a bid for United but lack the firepower to push through rivals.
American hedge fund Elliott has reportedly made a late bid in its battle to buy Man United
Elliott has experience running a successful football club, having taken control of Milan in 2018 after helping fund the takeover of businessman Li Yonghong.
During their tenure, the club won their first Serie A title last summer before selling the club to private equity firm Redbird for around £1billion.
At the moment, Ratcliffe and Al Thani appear to be the frontrunners to usher United into a new era as the first two official bidders as the Glazers look to finally end their tense tenure after much opposition from supporters.
Ratcliffe, a youth Manchester United supporter, revealed more detailed plans for the club, hoping to bring “progressive, fan-centric” ownership to the club.
A statement released on Saturday said: “Sir Jim Ratcliffe and INEOS have submitted a bid for a majority stake in Manchester United Football Club. We would see our role as Manchester United’s long-term trustees on behalf of the fans and the wider community.
Sir Jim Ratcliffe is one of the leading contenders to take over Man United from the Glazers
But he will face stiff competition from rival bidders from Qatar who could bid for £5bn
“We are ambitious and very competitive and would want to invest in Manchester United to make them the number one club in the world again.
“We also recognize that football administration is at a crossroads in this country. We want to help drive this next chapter and deepen the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.
“We want a Manchester United that is steeped in its proud history and roots in the North West of England, that brings Manchester back to Manchester United and that has a clear focus on winning the Champions League.”
Ratcliffe currently owns cycling team INEOS Grenadiers, Ligue 1 club Nice and also once Swiss club FC Lausanne-Sport.
The Glazers are seeking between £4billion and £6billion to end their controversial reign
Meanwhile, Al Thani, son of a former prime minister, announced his intention to acquire “100 per cent of the club”.
“The bid seeks to restore the club to its former glory both on and off the pitch and – most importantly – strive to put fans back at the heart of Manchester United Football Club,” it said in a statement .
“The offering will be completely debt free through Sheikh Jassim’s Nine Two Foundation, which will invest in the football teams, training centre, stadium and other infrastructure, fan experience and communities supported by the club.
“The vision of the bid is that Manchester United Football Club is known for excellence in football and is recognized as the greatest football club in the world.”
Club officials remain hopeful that a sale can be completed by the end of March, with the Glazer family looking to get between £6bn and £7bn for the club, while starting bids are expected to be around £4bn.