American 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 bids have been publicly confirmed.
Yesterday, Sheikh Jassim Bin Hamad Al Thani confirmed in a statement that he had tendered his proposal for a 100% takeover of the Red Devils, a club he has supported since boyhood.
Al Thani promised that his organization, the Nine Two Foundation would pump significant funds into stadium redevelopment and bolstering the men’s team, women’s team and youth set-up.
The local area will also benefit from Al Thani’s takeover if he becomes successful.
In his statement, Ratcliffe reiterated that he wants to put “Manchester back into Manchester United.”
According to The Times, while Elliott has registered its intentions to Raine, the company’s plans going forward are still unclear.
The Times indicates, “The American hedge fund giant Elliott has entered the £5 billion bidding battle for Manchester United in an extraordinary eleventh-hour swoop.”
“Details of its proposal are as yet unclear but could involve Elliott taking a stake in the club, providing debt funding, or a mix of the two.”
“The former owner of Italian club AC Milan, which manages $56 billion (£46 billion) in assets, is thought to have lodged a late proposal just before Friday’s deadline for the first round of bids.”
The Times adds that Elliott, which is run by Paul Singer, has ruled itself out a full takeover of United – the like of which is favoured by Al Thani and Ratcliffe.
Elliott would be keen to finance someone else’s bid as The Times report reads.
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