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Manchester United’s owners, the Glazers, have been offered the chance to stay on board as club managers by American hedge fund Elliott Management.
Yesterday, The Peoples Person reported that Elliott had conveyed his intention to offer funding to any consortium or individual looking to complete a takeover of the club.
In addition to this, Elliott would also be open to providing debt funds, acquiring a stake in the club, or a combination of both.
It was categorically stated that Elliott will not participate in an outright takeover of the Red Devils.
The former owner of Italian club AC Milan, which manages $56bn (£46bn) in assets, submitted its proposal ahead of Glazer’s flexible deadline for the first round of bids.
According to ESPN’s Mark Ogden, Elliott has offered the Glazers the chance to maintain control at Old Trafford.
Ogden notes: “The Glazer family have been offered financial backing to remain owners of Manchester United by US hedge fund Elliott Management, sources told ESPN after the New York-based group registered an interest in invest in the Premier League club”.
“Elliott’s appearance in the United sale process opens up the possibility that Joel and Avram Glazer, the club’s co-chairmen, will retain an interest in the club, despite deep-seated opposition from the American family, which also owns of the NFL franchise, Tampa Bay. Buccaneers, from the United fan base.”
“Sources involved in the bidding process told ESPN that Elliott Management’s proposal is for ‘possible financing, not an offer for the club.’
A few days ago it was detailed that there is discomfort between the Glazer brothers.
While most of the brothers are leaning towards a complete sale and leaving the English football scene, Joel and Avram Glazer are reluctant to leave and want to remain as owners.
Joel and Avram were said to be exploring alternatives that would allow them to remain in charge of England’s biggest club.
Elliott Management provides them with a golden opening to make that happen.
For many United fans, the prospect of the Glazers staying in any capacity would be a disaster, as revealed by an online poll by The Athletic.
Despite differences of opinion on who is the better buyer, the common consensus within the fan base is that the Glazers need to go.
