Elliott Investment Management is willing to provide funding for a £2 billion renovation of Old Trafford even if they are unsuccessful in their attempt to purchase Manchester United from the Glazers.
American hedge firm is one of the three bidders that have been made public since the Glazers’ soft deadline expired last Friday. They will face stiff competition from Qatari financier Sheikh Jassim bin Hamad Al Thani and INEOS founder Sir Jim Ratcliffe.
Elliott, who currently controls assets worth a staggering $56 billion (£46 billion), formerly controlled AC Milan from July 2018 to June 2022. Since the hedge fund’s bid was made public last week, not much else has been published about it.
As reported by The Mirror, Elliott has made the offer to finance a rebuild of Old Trafford should the Glazers decide to sell to another party or keep control themselves.
Architects Populous, who created the Tottenham Hotspur Stadium, have previously presented United with designs that vary from a £1 billion renovation of the current building to a £2 billion brand-new stadium.
Earlier rumours said that Elliott would be happier with the Glazers maintaining control of United, in contrast to Ratcliffe and the Qatari takeover.
In their initial declaration from November, the Glazers stated that they would “explore all strategic possibilities, including new investment into the club, a sale, or other deals.
Hence, rather than selling the entire club, they may sell a section of it to Elliott Management or use the money from the hedge fund to fund the renovation of Old Trafford. According to reports, the Glazers are reportedly asking for anywhere between £5 billion and £6 billion.
