US investment firm Elliott Management submit minority offer for Man United... and are willing to help finance the £2bn redevelopment of Old Trafford even if they fail with their bid
- Former AC Milan owners Elliott Management are keen to takeover Man United
- It's reported that they have put in an offer to own 60 percent of the Red Devils
- Qatari investors and Sir Jim Ratcliffe are awaiting responses on their bids
Elliott Management have made a minority offer for Manchester United, but the US investment firm have dismissed reports they have made a bid for 60 per cent control.
The US-based company submitted a proposal to United’s bankers Raine Group last month offering to provide financing to buy the club from the Glazers.
Sportsmail reported they would also consider funding a stadium overhaul if the Americans opt to retain control or sell to another party.
Qatar's Shiekh Jassim bin Hamad al-Thani and British billionaire Sir Jim Ratcliffe's INEOS were confirmed to have made offers for the Red Devils, and are now waiting for responses from Raine Group who are the merchant bank dealing with the sale.
Sportsmail reported earlier this week that those who have sent in offers to buy or make an investment in the Premier League giants should be informed what the next steps are in the coming days.
Elliott Management (president Paul Singer pictured) want to buy '60 per cent of Man United'
The former owners of AC Milan would be willing to foot the bill to redevelop Old Trafford
The Glazers though could look to negotiate Elliott's bid down to a 40 per cent stake
The Qatari bid was for full control of the club, while Ratcliffe is hoping to take a majority stake at Old Trafford - though both of their initial bids were lodged at maximum of £4.5bn.
A ‘soft deadline’ for offers fell on February 17 and Raine Group have been sifting through the bids ahead of the next process. Those in the running are expected to be given access to United’s full financials, after being given a glimpse following their initial expressions of interest.
It is unlikely that first offers will be accepted, with a period of negotiation set to follow. There is a belief that the Glazers are seeking around £6bn, a valuation some see as unrealistic.
As was the case with the bidding process for the sale of Chelsea, also overseen by Raine, some of the groups involved may be put into contact with each other with a view to forming consortiums.
Anti-Glazer sentiment has been commonplace at United matches this season but the volume was turned up during Sunday’s Carabao Cup final, with Avram Glazer present.
The frontrunners to buy United are Sheikh Jassim bin Hamad al-Thani (L) and Jim Ratcliffe (R)
As United closed in on their first trophy in five seasons loud chants of ‘We want Glazers out’ could be heard from the United section, while some carried anti-Glazer banners.
Al-Thani, son of a former prime minister and chairman of one of Qatar’s biggest banks, is understood to have watched the game with family at his home in Doha. He is known as a United fan and friends say he wears the club’s shirt at weekly five-a-side matches.
Meanwhile, Sportsmail understands that there is some consternation among a number of the bidders that they are still to hear back following the deadline.
That feeling was exacerbated by reports over the weekend that bids for the club were under the Glazers’ valuation – which came after those in the process were told by Raine to keep quiet.
Elliott Management previously owned AC Milan, who they sold last year to RedBird Capital Partners
It has also been reported that hopes to conclude a deal by the end of March appear to be unlikely.
The report from the Guardian claims that while it is the family's desire to sell the club, a deal being agreed by the end of the month is now in doubt and will be pushed back until after the season finishes.
It has also been a tough week for the Red Devils in the stock market, with the price at one stage on Sunday dropping by around 13 per cent.
Aside from offers to takeover the club, there are offers of investment which Avram and brother Joel could, in theory, use to pay off the other four members of the family and redevelop Old Trafford and the club’s training ground.
How that would go down with supporters remains to be seen. Following United’s support for the subsequently-aborted European Super League, their match with Liverpool in May 2021 was abandoned when protesting fans managed to break into Old Trafford.
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