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Buyout financier Ares Management Corporation has provided financial support to parties interested in acquiring Manchester United.
Ares Management joins hedge fund operator Elliott Management to provide financing to potential investors in a bid to buy United.
Along with Ares, Oaktree Capital has also offered financing to bidders, according to Reuters.
Reuters reported that “buyout financier Ares Management (ARES.N) is providing capital to help buy out Manchester United (MANU.N), a person familiar with the matter said. A person familiar with the matter told Reuters.
“Ares, which oversees about $350 billion in assets, has funded at least one bidder in the form of structured equity, one of the sources said. He said he turned down funding because it wasn’t.
“Structured equity refers to a form of financing that typically sits between equity and debt in a company’s capital stack and involves periodic payments. A spokeswoman for Ares declined to comment.”
This isn’t the first time Ares has tried to get involved in the takeover of an English football club.
Reuters reported that Ares was backing Miami-based football investor Capital Football Group in an effort to buy the Premier League club in 2020.
Capital later abandoned the Southampton takeover.
Ares was also involved in two unsuccessful bids to take over the reins of Stamford Bridge from Roman Abramovich.
Ultimately, Todd Boehly and Clearlake’s proposal succeeded.
According to Reuters, “Ares recently raised $3.7 billion into a dedicated sports fund mandated to invest in leagues and teams.”
It’s unclear if Ares will use the fund in his attempt to get involved in a United buyout. The fund has already been used to fund investments in Atlético Madrid and Inter Miami.