U.S. hedge fund provides Glazers keep at Man Utd
The Glazer household has been provided the monetary backing to stay as homeowners of Manchester United by American hedge fund Elliott Management, sources have advised ESPN, after the New York-based group registered an curiosity in investing within the Premier League membership.
Elliott’s emergence within the sale strategy of United opens up the prospect of Joel and Avram Glazer, the membership’s co-chairs, retaining an curiosity within the membership, regardless of deep-rooted opposition from the United fan base to the American household that additionally owns the Tampa Bay Buccaneers.
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Following their announcement final November that they’d enlisted Raine Group, the U.S. financial institution that oversaw the £2.5 billion sale of Chelsea final May, to hunt “strategic alternatives” for the working of United, the Glazers have acquired at the least two provides from rival bidders to purchase the 20-time English champions.
British businessperson Jim Ratcliffe, the founding father of chemical compounds firm INEOS, and Sheikh Jassim Bin Hamad Al Thani, the chairman of the Qatar Islamic Bank, each submitted sealed bids to purchase United forward of final Friday’s 5 p.m. ET deadline for provides to be registered with Raine.
But whereas each Ratcliffe and Sheikh Jassim have said their dedication to grow to be majority or sole homeowners of United, ESPN reported earlier this month that Joel and Avram Glazer had been additionally eager to draw outdoors funding to assist fund the modernisation of Old Trafford and the development of a brand new coaching floor.
Sources concerned with the bidding course of have advised ESPN that Elliott Management’s proposal is for “possible financing, not a bid for the club.”
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Elliott, which has property of $55 billion, made its proposal to Raine final week and is ready to assist finance a bid for United.
But with each Ratcliffe and Sheikh Jassim making ready to fund their very own bids, sources have stated Elliott’s entry into the method provides the Glazers and Raine the chance to barter funding for the prevailing homeowners if a full sale can’t be achieved.
Elliott, which beforehand financed former AC Milan proprietor Li Yonghong earlier than the Italian membership had been bought to Redbird in 2022, is considered one of many largest activist investor funds on the planet with a repute for aggressive ways in asset administration.
In 2012, the Argentine naval ship ARA Libertad was seized by Elliott in an try to gather bonds on which the Argentine authorities had defaulted in 2001.