Elliott Investment Management scale through to the second stage of the Manchester United sale

Elliott Investment Management has scaled through to the second stage of the Manchester United sale process, according to Sky Sports.

They are now officially a third force in the race to buy the club.

Qatari banker Sheikh Jassim bin Hamad Al Thani and INEOS CEO Sir Jim Ratcliffe were leading the race for the club.

However, several reports mentioned that American investors were waiting in the wings. Elliott Investment Management emerged a few weeks ago as another interested party.

The American investment management firm is one of the biggest activist funds in the world, with assets of over $71 billion under its management.

Elliott will give the Glazer family the financial backing to remain in charge of Man United. This bid could appeal to certain members of the family who do not want to sell.

Their bid will allow Joel and Avram Glazer to retain an interest in the club, despite stark opposition from the fans.

The co-chairs reportedly want to retain control and are entertaining the Elliott bid, with Hamad Al Thani and Ratcliffe seeking complete control.

However, they will still sell if any bidder brings their offer up to their £5 billion asking price.

Eliott has now progressed to the second stage of the sale process, where they will inspect the Carrington ground and the other facilities.

The bidders will attend detailed presentations at Old Trafford next week. Club executives will detail the opportunities and challenges as the bidders prepare their final offer.

Representatives from the Raine Group are also flying in to help with talks. The New York bank is helping to broker the deal to sell the club.

The presentations will outline how investors can increase earning power if they deliver £1bn in infrastructure revamps.

Bidders will receive more detailed financial information over the coming days. It is unclear if Raine and the club are still accepting more offers.

Oaktree Capital and MSD Partners also submitted proposals to Raine. They are offering to provide funding for potential suitors.