Manchester United

Elliott Management 'make offer to buy minority stake of Manchester United'

By Matt Law, Football Editor | 23 March 2023

Elliott Management 'make offer to buy minority stake of Man United'

Elliott Management made a bid to purchase a minority stake of Manchester United before Wednesday's 9pm deadline, according to a report.

Elliott Management have allegedly made a bid to purchase a minority stake of Manchester United.

On Wednesday evening, it was claimed that Sheikh Jassim bin Hamad Al Thani had made a world-record bid for the 20-time English champions before the 9pm deadline.

However, it later emerged that both Sheikh Jassim and Sir Jim Ratcliffe had been granted extensions to submit their takeover bids, with neither submitting an offer before the deadline.

According to The Independent, Elliott Management made an offer to purchase a minority stake of the club before the deadline on Wednesday.

The report claims that the offer is for 'a small stake', with the Glazer family revealing last November in their initial statement that they were open to 'exploring strategic alternatives'.

Manchester United co-owner Avram Glazer and club CEO Richard Arnold on February 26, 2023 © Reuters

"As part of this process, the board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company," read part of the statement.

Man United co-owner Avram Glazer said towards the end of last year that a full sale might not take place.

"It's not necessarily a sale, it's a process and we're going forward with the process, so we'll see what happens," he told The Athletic. "I'm here to really watch the World Cup but I appreciate your interest. That's the update, it's the process and the process is proceeding."

Elliott Management owned AC Milan until last October, and any deal involving the US hedge fund would see the Glazer family remain involved with the Red Devils.

General view inside Old Trafford before the match on January 10, 2022 © Reuters

The initial offers that were made by Qatari banker Sheikh Jassim and British billionaire Ratcliffe are believed to have been in the region of £4.5bn.

The Glazer family are said to have remained firm with their £6bn valuation, although there have been suggestions that a deal could be done in the region of £5bn.

Representatives of Sheikh Jassim were in Manchester last Thursday for meetings with senior Man United officials, while Ratcliffe was present alongside his team at Old Trafford and the Carrington training complex on Friday.

Over the last few weeks, it has been claimed that the Glazers are now leaning away from a full sale, which is also backed up by Sky Sports News.

Man United won their first trophy in six years when they lifted the EFL Cup at the end of February, and they are still chasing success in the FA Cup, Europa League and Premier League this season.