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US hedge fund giant Elliott Management has offered to provide funding to undertake a rebuild of Old Trafford if their efforts to buy a minority stake in the club fail.
The person of the people reported that Elliott had offered to provide financial support to any bidder or consortium interested in a full takeover of United.
Although Elliott has ruled out a full takeover of the Red Devils, they are said to be open to buying a minority stake or refinancing debt, or even both.
A later report clarified that the company had contacted the Glazers and stated its intention to offer them the financial support necessary to remain on board as owners of United.
Alongside Elliott, another American company, Ares, is also said to be keen to join the bidding battle to rid the Red Devils of the Glazer family.
Sir Jim Ratcliffe and Sheik Jassim bin Hamad Al Thani have both released statements confirming the submissions of their respective bids for a full takeover of the 20-time English champions.
Both Ratcliffe and Sheik Jassim are United fans.
According The daily mailElliott offered to facilitate the redevelopment of the Theater of Dreams.
“A US hedge fund is ready to finance the redevelopment of Old Trafford, which could cost up to £2billion, if it fails in its bid to acquire a majority stake in Manchester United.”
“Elliott Management, former owners of AC Milan, submitted a proposal to United bankers Raine Group last Friday offering to provide funding to buy the club from the Glazers but would also consider funding a stadium overhaul if the Americans choose 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 £1billion redevelopment to building a whole new stadium for £2billion.
A situation that saw the Glazers stay on as United trustees would be a non-starter for most United fans.
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