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Monday, March 20, 2023

A third bidder has now entered the race to buy Manchester United – report

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American hedge fund Elliott entered the running to fund a bid for Manchester United before last night’s deadline.

That is according to a report by the Times, making Elliott the third named party in the running to take control of the club from the Glazers.

The report claims that Elliott do not want to make a full takeover of the club, despite being worth £56 billion in total.

They also used to own AC Milan, but sold the Italian champions last August having been in control since 2018 after helping to finance a takeover by the Chinese businessman Li Yonghong.

Manchester United v Leeds United - Premier League

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Elliott enter the process to buy Manchester United

The report says they would be open to providing the funding for a bid for a full takeover, but Founder, President, Co-Chief Executive Officer, and Co-Chief Investment Officer Paul Singer has ruled out a buyout themselves.

They made a last-minute offer to get into the process, before the soft deadline the Glazers and the Raine Group set for 10pm last night.

The exact nature of the proposal is not totally clear yet but could involve Elliott taking a stake in the club, providing debt funding, or a mixture of the two.

Elliott’s interest could attract the interest of those who are keen to get involved in the bidding but who lack the financial firepower for a takeover.

Talk of debt funding from the USA may have come fans concerned given what has happened under the Glazers and we will have to wait for more details to become clear.

In early 2020, Elliott built a large stake in Twitter but sold it all in April 2022, when talk of a buyout by Elon Musk, who has also been talked about as a potential United owner, started. 

Their website calls Elliott Investment Management L.P. (together with its affiliates, “Elliott”) ‘one of the oldest fund managers of its kind under continuous management.’

“As of June 30, 2022, Elliott manages approximately $55.7 billion in assets. The firm employs a staff of 499 people, including nearly half dedicated to portfolio management and analysis, trading and research, in its Florida headquarters and affiliated offices elsewhere.”

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