Elliott Management, the former owners of AC Milan, are weighing up an offer to buy 60 per cent of Manchester United from the Glazers.
United’s unpopular owners put the Premier League club up for sale last November and received two confirmed offers for full ownership from Qatari banker Sheikh Jassim bin Hamad Al Thani and INEOS chief Sir Jim Ratcliffe ahead of last month’s ‘soft’ deadline.
The Glazers are yet to accept a bid for United and it is believed a third offer could be on the table. Elliott Management are considering purchasing a 60 per cent stake – which is not a controlling share and could see the Glazers maintain some level of ownership.
As reported by The Independent, Elliott Management are thinking about making a bid for the Red Devils. It is believed the six siblings of the Glazer family – Avram, Joel, Kevin, Bryan, Edward and Darcie – are divided on whether to sell the club.
Avram and Joel, who both attended United’s Carabao Cup victory against Newcastle last Sunday, are said to have the strongest connection with the club and would like to remain involved in some capacity. A minority sale would allow that to happen.
Avram’s and Joel’s desire to keep hold of United has been strengthened by the opening bids. It is believed that neither Ratcliffe nor Sheikh Jassim has offered more than £4.5billion for the club. The Glazers reportedly want up to £6bn for their prized asset.
It is believed Avram and Joel are trying to persuade Elliott Management to drop their bid to 40 per cent. Although the ‘soft’ deadline for bids has passed, Sheikh Jassim and Ratcliffe could comeback with higher offers to persuade the Glazers to sell up.
The Glazers, who took control of United in 2005, did not promise to sell the club when their announcement was made last November. They insisted they would consider a number of strategic options – “including new investment into the club”.
As such, there is a good chance they will sell just a fraction of the club. One strategy is selling the shares owned by Kevin, Bryan, Edward and Darcie – allowing Avram and Joel to stay at the helm. The two could buy out the other four siblings alongside a partner.
