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American hedge fund giant Elliott has entered a bidding war to force Manchester United out of the Glazer family.
Elliott is the only party whose bid has been publicly confirmed, along with Qatari’s Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe.
Yesterday, Sheikh Jassim bin Hamad Al-Thani confirmed in a statement that he had submitted a proposal to buy 100% of Red Devils, a club he has supported since he was a boy.
Al Thani has pledged that his organization, the Nine Two Foundation, will invest heavily in redeveloping the stadium and enhancing the men’s, women’s and youth set-ups.
If Al Thani succeeds, the region will also benefit.
Ratcliffe reiterated in a statement: “I want Manchester back to Manchester United.”
According to The Times, Elliott has expressed interest in Laing, but the company’s future plans are still unclear.
“American hedge fund giant Elliott has entered Manchester United’s £5 billion bid race in a staggering 11 hours,” reports The Times.
“The details of that proposal are not yet known, but it could involve Elliott owning an equity stake in the club, providing debt financing, or a combination of the two.”
“The former owner of Italian club AC Milan, which manages a $56bn (£46bn) fortune, is believed to have submitted a late offer just before the first bid deadline on Friday.”
The Times added that Paul Singer’s Elliott has ruled out a full takeover of United, which Al Thani and Ratcliffe have backed.
Elliott wants to fund someone else’s bid, according to a Times report.
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