“They are not willing…” – £47bn group exits of £2bn Man Utd deal amid reports of takeover U-turn
Elliott Management, an American investment firm, has been excluded from the project to renovate Old Trafford. The Glazers had previously announced their willingness to sell Manchester United in November and were also exploring options for new investment in the club.
Recently, two bidders, British billionaire Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani, submitted offers for a complete takeover of the club, along with a third bidder, Genevra Capital, who proposed a minority stake. All three bidders are scheduled to meet with US investment firm Raine Group at Old Trafford later this month. Amid the competitive bidding process, rumors have emerged that Elliott Management is interested in funding the much-anticipated Old Trafford renovation.
The possibility of Elliott Management, with £47 billion in assets, providing funding for a £2 billion refurbishment of Old Trafford had been previously reported. However, the investment firm has now been ruled out of involvement in the stadium revamp.
Although Elliott Management is still interested in financing a third party’s takeover bid for Manchester United, they are reportedly not interested in providing funding exclusively for the stadium renovation project. The club has been considering a total rebuild of the 75,000-seater Old Trafford stadium, as well as regeneration of the surrounding facilities. Negotiations between the Raine Group and potential buyers have centered on the redevelopment plans. According to recent reports, the Glazer family is considering various options, including taking the club off the market, acting as a united front in deciding whether to sell, and bringing in external investment. Avram Glazer’s attendance at the Carabao Cup final last month has fueled speculation that the Glazers will retain ownership of the club.