Manchester United owners have received a last minute interest from American hedge fund Elliott Investment Management.
Sir Jim Ratcliffe and the Qatari investor’s group have said they submitted offers before the deadline this week, they now face competition from the US company.
A report claims that Elliott, which oversees assets worth a staggering $56 billion (£46bn), submitted a last-minute offer shortly before the initial bidding period closed.
The Red Devils have been owned by the Glazer family since 2005, and in November of last year, they put the club up for sale.
According to the report, Elliott, led by Paul Singer, is currently considered a long shot to become involved in a bid, with the company possibly purchasing a stake in the club or providing debt money.
The bid has been put together by a small team in Elliot’s London office, and their possible involvement might help any bidders who are interested in making a bid for Manchester United but lack the firepower to see off the competition.
This might result in either equity investment in the Old Trafford team or loan funding for the club.
Reportedly, Elliott has been in touch with The Raine Group, the investment bank supervising Manchester United’s sale.
Elliott had experience in managing a successful football club after taking over Milan in 2018 with the help of financing from tycoon Li Yonghong.
Last summer, they led AC Milan to its first Serie A title, and then they sold it to private equity firm Redbird for £1 billion.
Man United fans may be understandably wary of any talk of debt financing from the United States in light of the club’s recent history under the Glazers.
Elliott amassed a sizable investment in Twitter in the early 2020 but sold it all in April 2022, when rumors of a buyout by Elon Musk, also reported to be interested in purchasing Man United, began.
The Glazers are eager to terminate their contentious time as Manchester United owners, and the first two announced bids, Ratcliffe and Al Thani appear to be the frontrunners to lead United into a new era.
Elliott’s purchase of a stake might allow the Glazers to keep a token ownership interest in the team if they so choose.
A lifelong supporter of Manchester United, Ratcliffe has shared his ambitious aspirations for the club, which center on bringing a more “progressive, fan-centered” ownership model to the organization.
Sir Jim Ratcliffe and INEOS have proposed to acquire a controlling interest in Manchester United Football Club, according to a statement released on Saturday.
“The supporters and the community at large would look to us as the club’s long-term stewards”, a statement from Ratcliffe and INEOS read.
The Glazer family would consider selling the team if they receive an offer of at least £5 billion.
It will be interesting to see what happens now that there are three potential buyers.
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