LONDON:
US hedge fund Elliott Investment Management has reached the second stage of the bidding process in a possible sale Manchester United.
Representatives of the company are shown to have been at Old Trafford on Thursday to watch the team’s 4-1 victory. Real Betis in the Europa League.
The BBC and Sky Sports have said that the American company’s proposal is to offer money to interested parties, including the current members of the Glazers if they decide to stay in the club, rather than looking to buy the Premier League outright.
Elliott previously owned AC Milan before selling the Italian club to American investment firm RedBird Capital last year.
The news comes a few days after it was reported that bids from Qatar Sheikh Jassim Bin Hamad Al Thani and British billionaire Jim Ratcliffe to buy the club have advanced to the next stage.
Sky Sports and the Telegraph said that the two bidders will now have the opportunity to conduct an investigation of the club by obtaining detailed financial information.
No bidder is understood to have reached the £6 billion ($7.2 billion) asking price of the Glazers, who said in November they were considering selling the club.
The Americans have been very unhappy with the United team since the club was burdened with huge debts after they took over in 2005 and they have also seen the decline of United’s success on the field.
The win over Newcastle in the League final last month was United’s first win for six years. They last won the Premier League ten years ago.
Qatari banker Sheikh Jassim hopes to control 100 percent of the 20-time English champions and get support from some fans by vowing to wipe out United’s debts.
However, the Manchester United Supporters’ Trust has expressed concern over Qatar’s human rights record.
Ratcliffe’s INEOS is trying to get more control of United by buying the stake held by the Glazer family.
Ratcliffe, a United fan, is one of Britain’s richest men thanks to the success of his global pharmaceutical company.
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