US hedge fund Elliott Investment Management is available for possible financing of a takeover by Manchester United – but is not bidding for the Premier League club.
A “soft deadline” of Friday was set for proposals to buy the club, with offers submitted by Sheikh Jassim bin Hamad Al Thani, chairman of one of Qatar’s largest banks, and British billionaire Sir Jim Ratcliffe.
Elliott has been in contact with Raine, the investment bank handling the acquisition process, and is available to provide funding.
They made a proposal to the Glazer family for possible financing if they don’t sell the club, and they made a bidder to Raine.
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Elliott, led by Paul Singer, last year completed the $1.2 billion sale of Serie A club AC Milan to private equity firm Redbird. It took control of AC Milan in 2018 after helping fund a takeover by Chinese businessman Li Yonghong, who subsequently failed to make repayments.
The Glazer family began looking for new investment or a possible sale of the club in November.
On Saturday, Ratcliffe and his petrochemical company Ineos confirmed their bid for a “majority stake” in Manchester United.
Ineos said it wants to make the club a “beacon for a modern, progressive, fan-centric approach to ownership”.
A day earlier, Sheikh Jassim bin Hamad Al Thani, chairman of one of Qatar’s largest banks, submitted an offer.
“The bid aims to return the club to its former glory,” he said.
“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 is known for excellence in football and is recognized as the greatest football club in the world.”
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(Photo: Getty Images)