18 February 2023 , 15:32
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Elliott Investment Management, the American hedge fund giant, entered the Manchester United takeover race on Friday night.
Sir Jim Ratcliffe and a group of Qatari investors have confirmed they made offers ahead of the deadline at the end of the week, but will face competition after a proposal from the US firm. Elliott manages assets worth a whopping $56billion (£46bn) and The Times reports it lodged an eleventh-hour offer just before the deadline for the first round of bids.
The hedge fund is led by Paul Singer and it is not aiming to obtain a majority share from the Glazer family, who announced United were up for sale last November. Instead, Elliott would like to provide the financing for a bid.
The precise details of the proposal remain unknown but Elliott could obtain part-ownership of the Old Trafford club or provide debt financing, or a combination of the two. The Raine Group, an American bank, has been hired by the Glazers to advise on the takeover process and will assess the bids received at the first round before deciding which to take forward into advanced stages.
News of Elliott's interest in United broke a matter of hours after Ratcliffe's bid was formally announced by INEOS, his multinational chemical company. A statement released on Saturday lunchtime read: "Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club. We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community.
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Paul Singer, founder and president of Elliott Management (Bloomberg via Getty Images)"We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again. We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.
"We want a Manchester United anchored in its proud history and roots in the North-West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League."
Sir Jim Ratcliffe faces fresh competition to purchase Manchester United (AFP via Getty Images)Meanwhile, a group of wealthy Qataris led by the chairman of one of the country's largest banks are also in the race to purchase the club and released their own statement on Friday which read: "Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.
"The bid 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 more.
"The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports.
"The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops."