Sources: £47billion group ruled out of Man United takeover
Reports that Elliott Management could finance the redevelopment of Old Trafford even if their efforts to fund a Man United takeover bid fail are wide of the mark, Football Insider has learned.
It had been reported elsewhere that the American investment firm, which has £47billion of assets under its control, was willing to provide capital for a long-anticipated revamp of United’s stadium which could cost up to £2bn.
But it is now understood that while Elliott Management are among the groups who could fund a third party’s takeover efforts, they are not interested in a deal solely to finance an Old Trafford makeover.
The Glazers’ comparative lack of investment in infrastructure is among the reasons many United supporters welcomed last November’s news that the family are seeking strategic alternatives after two decades in control.
A total rebuild of the 75,000-seater stadium coupled with significant regeneration of the surrounding facilities is a genuine possibility, and United have appointed architecture firm Populous to draw up blueprints.
The redevelopment plans have been a key component of negotiations between takeover brokers Raine Group and those who have registered their interest in the club.
Sir Jim Ratcliffe’s Ineos and a Qatari group led by Sheik Jassim bin Hamad Al Thani have publicly stated their intentions to buy United, while Elliott Management have offered to finance a deal on behalf of other groups.
Elliott Management appear to be looking to re-enter football – albeit indirectly – nine months after they sold AC Milan, who they steered towards a first Serie A title in a decade in 2021-22, to RedBird Capital for a reported £1.1billion.
All bidders are expected to hold talks in Manchester this week, although Raine Group’s objective to finalise a deal in the first quarter of 2023 now looks a remote possibility.
Some reports, which Football Insider has at this stage been unable to verify, have suggested that Joel and Avram Glazer could use external funds to buy out the four other Glazer siblings in order to remain in situ at Old Trafford.
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