Elliott Investment Management have tabled an offer for a minority stake in Manchester United, reports the Times.
The American former owners of AC Milan had initially offered to finance any potential bidders.
However, they changed their mind after meeting with Man United and decided to bid for a stake.
The hedge fund, with financial assets worth around £59 billion, tabled their offer before last night’s initial 9.00 pm deadline.
Interestingly, Elliott’s offer includes their earlier proposal to provide financing for bidders.
Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe both requested for the deadline to be extended.
They have not submitted new offers but could do so before the week ends.
Elliott’s decision to table a bid having not shown interest initially is a massive development in the takeover race.
The Times claim there is already concern among the two major bidders that the Glazers could opt against a full sale.
They both reckon their reluctance to pay the £6bn the current owners want could see the club go for a minority investment.
Not all the Glazer siblings want Man United sold, and the fans could end up getting disappointed.
Sheikh Jassim or Ratcliffe could end up tabling £5.5bn for the Red Devils.
However, it may not be enough to force the Glazers into selling, and the offer from Elliott could change plenty of things.
The current owners would maintain an investment in the Old Trafford club if they accept the Americans’ offer.
The two major bidders do not want to overpay for Man United, but that could end up happening.
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