US hedge fund Elliott Management have progressed to the second stage of the Manchester United sale process, as confirmed by Sky Sports report Kaveh Solhekol.
Elliott Management have made it through to the second stage of the Man United sale process. US hedge fund has submitted proposal for financing which is open to all parties. They don't want to buy United. Representatives from Elliott were at United game at Old Trafford last night
— Kaveh Solhekol (@SkyKaveh) March 10, 2023
As mentioned in the tweet above, the Americans do not want to buy the club outright and instead would provide financing which is open to all parties.
Representatives were in attendance at Old Trafford last night as the Red Devils saw out a 4-1 victory against Real Betis in their Europa League last-16 first leg.
The reporter also confirmed yesterday that Qatar-based investor Sheikh Jassim bin Hamad Al-Thani will not overpay for United, and will walk away from a potential takeover if the owners’ demands are too high.
His bid is currently the highest of the public offers and is in the region of £4.5 billion, meaning it is around £1.5 billion short of the Glazers’ £6 billion valuation. Sir Jim Ratcliffe’s offer is not debt-free but is reportedly £4.3 billion.
Glazers’ reluctance to sell
Speculation also circulated yesterday suggesting that the Americans could perform a complete U-turn and take the club off the market due to the proposals not meeting their asking price.