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American hedge fund giant Elliott Management has offered to provide financing to undertake a rebuild of Old Trafford if their efforts to purchase a minority stake in the club are unsuccessful.
The Peoples Person reported that Elliott have offered to provide financial backing to any bidder or consortium interested in a full takeover of United.
While Elliott ruled out a full takeover of the Red Devils, they would be open to purchasing a minority stake or debt refinancing or even both.
A subsequent report detailed that the company had reached out to the Glazers and stated their intention of offering them the financial support needed to stay on board as United owners.
Alongside Elliott, another American firm, Ares, was also reported to be keen on joining the bidding battle to rid the Red Devils of the Glazer family.
Sir Jim Ratcliffe and Sheik Jassim bin Hamad Al Thani both issued statements confirming the submissions of their respective bids for a full takeover of the 20-times English champions.
Both Ratcliffe and Sheik Jassim are fans of United.
According to The Daily Mail, Elliott has offered to facilitate the redevelopment of the Theatre of Dreams.
“An American hedge fund are willing to provide funding for Old Trafford’s redevelopment, which could cost up to £2billion, if they are unsuccessful in their attempts to buy a majority stake in Manchester United.”
“Elliott Management, former owners of AC Milan, submitted a proposal to United’s bankers Raine Group last Friday offering to provide financing to buy the club from the Glazers, but would also consider funding a stadium overhaul if the Americans opt to retain control or sell to another party.”
“Upgrading Old Trafford will be a priority for whoever takes over. United have already been presented with several options by architects Populous, which range from a £1bn redevelopment to building a completely new stadium for £2bn.”
A situation which would see the Glazers remain as United administrators would be a non-starter for most United fans.
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