American hedge fund suggests Glazers stay at Man Utd

The Glazer family has been financially supported to continue being the owners of Manchester United by American hedge fund Elliott Management, sources have told ESPN, after the New York-based group registered an interest in investing in the Premier League club.

The arrival of Elliott during the sale of United opens up the prospect that Joel and Avram Glazer, the club’s co-chairman, remain interested in the club, despite deep opposition from the United fan base towards the club. with an American family that also owns Tampa Bay Buccaneers.

– Sheikh Qatar bid to buy Man United
– Stream on ESPN+: LaLiga, Bundesliga, more (US)

Following their announcement last November that they had joined Raine Group, the US bank overseeing the £2.5 billion sale of Chelsea Last May, in search of “strategic alternatives” to running United, the Glazers received at least two offers from rival bidders to buy the team 20 times British champion.

British businessman Jim Ratcliffe, founder of chemical company INEOS, and Sheikh Jassim Bin Hamad Al Thani, president of the Islamic Bank of Qatar, both submitted sealed bids to buy United before the five-hour deadline last Friday afternoon to sign up for an offer with Raine.

But while both Ratcliffe and Sheikh Jassim have announced their determination to become United’s sole or majority owners, earlier this month ESPN reported that Joel and Avram Glazer are also keen to attract outside investment. to help finance the modernization of Old Trafford and the construction of a stadium. new training ground.

Sources involved in the bidding process have told ESPN that Elliott Management’s proposal is about “financial feasibility, not a bid for the club.”

– Dason: Rashford makes Man United ride a wave of optimism

Elliott, who is worth $55 billion, made an offer to Raine last week and is ready to provide financial support to buy United.

But with both Ratcliffe and Sheikh Jassim preparing to finance their own bids, sources say Elliott’s involvement in the process gives the Glazers and Raine the opportunity to negotiate an investment for the owners. present if a full sale cannot be achieved.

Elliott, formerly sponsored the former AC Milan owner Li Yonghong before the Italian club was sold to Redbird in 2022, considered one of the world’s largest active investment funds known for its aggressive tactics in asset management.

In 2012, the Argentine naval ship ARA Libertad was seized by Elliott in an attempt to collect bonds that the Argentine government defaulted on in 2001.