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US hedge fund giant Elliott has entered the bidding battle to rid Manchester United of the Glazer family.
Elliott joins Sheikh Jassim bin Hamad Al Thani of Qatar and Sir Jim Ratcliffe as the only parties whose offers have been publicly confirmed.
Yesterday, Sheikh Jassim Bin Hamad Al Thani confirmed in a statement that he had presented his proposal to gain 100% control of the Red Devils, a club he has supported since his childhood.
Al Thani promised that his organization, the Nine Two Foundation, would inject significant funds into redeveloping the stadium and bolstering the men’s, women’s and youth teams.
The local area will also benefit from the Al Thani takeover if it is successful.
In his statement, Ratcliffe reiterated that he wants to put “Manchester back into Manchester United”.
According to The Times, although Elliott has registered his intentions with Raine, the company’s plans for the future are still unclear.
The Times reports: “US hedge fund giant Elliott has entered the £5bn bid battle for Manchester United in an extraordinary last-minute coup.”
“The details of his proposal are not yet clear, but it could involve Elliott taking a stake in the club, providing debt financing or a combination of the two.”
“The former owner of Italian club AC Milan, which manages $56bn (£46bn) in assets, is believed to have submitted a late proposal just before the Friday deadline for the first round of bids.”
The Times adds that Elliott, led by Paul Singer, has ruled out an outright takeover of United, such as the one favored by Al Thani and Ratcliffe.
Elliott would be willing to finance someone else’s offer, as The Times report says.
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