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American hedge fund Elliott eye partial takeover of Man United

American hedge fund Elliott tabled a late bid for Manchester United before last night’s deadline, reports the Times.

The Red Devils’ current owners, the Glazer family, are looking to sell the club before the end of the season.

Chairman of the Qatari bank QIB Sheikh Jassim bin Hamad al-Thani also submitted a bid. The 41-year-old made a debt-free offer to complete a full takeover.

Sir Jim Ratcliffe, INEOS CEO, also lodged a bid for the majority ownership of Man United.

However, Elliott only want a partial takeover, offering to provide the financing for another bidder.

The full details of their proposal are unknown, but it is believed the giant investment management firm may only want a stake in the club.

Elliott could also only be interested in providing debt funding or is looking to do both.

They are owned by 78-year-old businessman Paul Singer and are one of the largest activist funds in the world.

Elliott sold AC Milan to RedBird Capital Partners last year for £1 billion, having taken control of the Serie A club in 2018.

They helped finance a takeover of Milan by Chinese businessman Li Yonghong from former Prime Minister of Italy, Silvio Berlusconi.

However, Li failed to meet repayments, defaulting on his £370 million debt.

The acquisition of a partial stake by Elliott could leave the door open for the Glazers to maintain a small investment in the club.

However, the Qataris could pip them and others to the takeover given their eye-watering offer.

The Glazers want at least £5bn for the club and could sell it if any of their suitors meet their demands.

Three bidders have emerged, and it will be interesting to see what happens.

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