Activist investor Elliott ramps up Manchester United interest with bid for minority stake
Elliott Investment Management has upped its interest in Manchester United by offering to buy a small stake in the Premier League club.
The activist investor had previously offered finance to any other party bidding for United, who were put for sale by the Glazer family in November.
That offer remains, but after visiting Old Trafford last week to examine the club’s financial information in more detail, Elliott chiefs were sufficiently encouraged to include purchasing a small amount of common equity in their proposal too.
Unlike Sir Jim Ratcliffe and Qatar’s Sheikh Jassim Bin Hamad Al Thani, Elliott still does not want to buy a majority stake.
Elliott, which previously owned AC Milan, made its revised offer to the Glazers’ bankers, the Raine Group, on Wednesday. It is indicative and non-binding.
It comes as United’s suitors fear that the Glazer family will reverse their decision to sell the club unless they receive a bid of £6.5bn.
The latest twists in the sale process have been interpreted in some quarters as evidence that United’s owners are not serious about relinquishing control at Old Trafford.
Bidders were due to lodge their second offers on Wednesday evening, only to learn at the 11th hour that the Glazers’ bankers, the Raine Group, had extended the deadline.
A late U-turn from the Glazers would risk infuriating United supporters, some of whom have long campaigned for the Americans to sell up.
Elliott sold AC Milan last summer to RedBird Capital Partners for around £1bn last summer.