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US hedge fund Elliott “made a last-minute offer for Manchester United before the Friday deadline” but the company, which used to own AC Milan and manages £46bn in assets, “doesn’t want to a full-scale acquisition of the Red Devils”.
- Man United’s takeover race has taken a turn and Elliott is said to have made an offer
- The US-based hedge fund is said to have made a last-minute offer to United
- But the former owners of AC Milan are only interested in financing a bid at the moment.
US hedge fund Elliott has reportedly made a last-minute bid for Manchester United ahead of Friday’s cut-off entry into the £5bn bid battle for Manchester United.
However, the group, which previously owned Serie A club AC Milan and manages £46bn in assets, is not said to be looking for a full-scale acquisition and instead wants to help provide the financing for a offer, according to the Times.
The race for the keys to Old Trafford is heating up with a bid from Qatar, led by Sheikh Jassim Bin Hamad Al Thani, having already submitted and Sir Jim Ratcliffe, the UK’s richest man, has also submitted a bid.
But Elliott, led by Paul Singer, is now believed to be an outside competitor to participate in a bid, with the company possibly acquiring a stake in the club or providing debt funds, the report added.
A small team in Elliot’s London office has been putting together the bid, and their potential involvement could provide assistance to any bidders who are interested in bidding for United but don’t have the firepower to dismiss competitors.
American hedge fund Elliott has reportedly made a late offer in the battle to buy Man United
Elliott has experience running a successful soccer club after taking control of Milan in 2018 and helped finance the takeover of businessman Li Yonghong.
During his tenure, the club won its first Serie A title last summer before selling the club to private equity firm Redbird for around £1bn.
For now, Ratcliffe and Al Thani appear to be the frontrunners to usher United into a new era as the first two official bidders, as the Glazers look to finally end their tension-filled tenure after much opposition from supporters.
Ratcliffe, a childhood Manchester United fan, has revealed more detailed plans for the club, hoping to bring a ‘progressive, fan-focused’ ownership to the club.
A statement issued on Saturday read: ‘Sir Jim Ratcliffe and INEOS have submitted an offer for the majority ownership of Manchester United Football Club. We would see our role as long-term custodians of Manchester United on behalf of the fans and the wider community.
Sir Jim Ratcliffe is one of the main contenders to take Man United from the Glazers
But it will face stiff competition from Qatar’s bid rivals, who could bid for £5bn.
“We are ambitious and very competitive and we would like to invest in Manchester United to make it the number one club in the world once again.
“We also recognize that the governance of football in this country is at a crossroads. We’d like to help lead this next chapter, deepening English football culture by making the club a beacon for a modern, progressive and fan-focused approach to ownership.
“We want a Manchester United anchored in its proud history and roots in the North West of England, putting Manchester back into Manchester United and clearly focusing on winning the Champions League.”
Ratcliffe currently owns the INEOS Grenadiers cycling team, the Ligue 1 team Nice and was also the owner of the Swiss club FC Lausanne-Sport.
The Glazers are seeking between £4bn and £6bn as they try to end their controversial reign
Meanwhile, Al Thani, the son of a former prime minister, announced his intention to acquire ‘100 per cent of the club’.
“The offer plans to return the club to its former glories both on and off the pitch and, above all, will seek to place the fans at the heart of Manchester United Football Club once again,” a statement read.
The offering will be completely debt-free through Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, training center, stadium and broader infrastructure, fan experience and communities. who supports the club.
“The vision of the bid is for Manchester United Football Club to be recognized for its footballing excellence and regarded as the best football club in the world.”
Club officials remain hopeful that a sale can be finalized by the end of March, with the Glazer family looking to receive between £6bn and £7bn for the club, while initial offers are expected to be around of £4 billion.