Manchester United’s owners, the Glazers, have been offered the opportunity to stay on board as administrators of the club by U.S hedge fund, Elliott Management.
Yesterday, The Peoples Person reported that Elliott had relayed their intention to offer funding for any consortium or individual looking to complete a takeover of the club.
On top of this, Elliott would also be open to providing debt funding, taking a stake in the club or a mixture of both.
It was stated categorically that Elliott will not take part in a full takeover of the Red Devils.
The former owner of Italian club AC Milan, which manages $56 billion (£46 billion) in assets lodged their proposal before the Glazer’s soft deadline for the first round of bids.
According to ESPN’s Mark Ogden, Elliott has offered the Glazers the chance to remain in control at Old Trafford.
Ogden indicates, “The Glazer family have been offered the financial backing to remain as owners of Manchester United by American hedge fund Elliott Management, sources have told ESPN after the New York-based group registered an interest in investing in the Premier League club.”
“Elliott’s emergence in the sale process of United opens up the prospect of Joel and Avram Glazer, the club’s co-chairmen, to retain an interest in the club, despite deep-rooted opposition to the American family, who also own NFL franchise Tampa Bay Buccaneers, from the United fan base.”
“Sources involved with the bidding process have told ESPN that Elliott Management’s proposal is for “possible financing, not a bid for the club.”
It was detailed a few days ago that there is unrest amongst the Glazer siblings.
While most of the siblings are inclined towards a full sale and exiting the English football scene, Joel and Avram Glazer are reluctant to go and want to stay as owners.
Joel and Avram were said to be exploring alternatives that would allow them to remain at the helm 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 remaining in any capacity would be a disaster, as revealed in an online poll conducted by The Athletic.
Despite differences in opinion regarding who the best buyer is, the common consensus within the fanbase is that the Glazers must go.