US hedge fund giant Elliott has entered the £5bn bidding battle for Manchester United in an eleventh-hour swoop.
The former owner of Italian club AC Milan, which manages $56bn (£46bn) in assets, has offered to provide the financing for a bid. The deadline for bids was Friday.
Details of its proposal are as yet unclear but could involve Elliott taking a stake in the club, providing debt funding, or a mix of the two. Raine Group is running the sales process on behalf of United’s owners, the Glazer family, who have come under pressure from fans to offload the club.
On Friday, Sheikh Jassim bin Hamad al-Thani, chairman of Qatari bank QIB, confirmed he had lodged a bid through his foundation. Manchester-born Sir Jim Ratcliffe, the billionaire industrialist behind Ineos, is also reported to have tabled an offer.
