The race to buy Manchester United heated up on Saturday with Jim Ratcliffe's company INEOS confirming it had bid for the club and a source telling Reuters that U.S. hedge fund Elliott Investment Management was also prepared to finance a takeover.
Elliott has ruled itself out of a full takeover but is planning to offer financing for a bid, though it is unclear which bid the hedge-fund giant and previous owner of Serie A champions AC Milan will be involved in, a sourceINEOS has long been involved in sport, with the company acting as principal partners to eight-times Formula One champions Mercedes, owning the INEOS Grenadiers cycling team and serving as performance partner to the New Zealand rugby team.
United fans have been clamouring for a change of ownership and the Glazers, who also own the National Football League's Tampa Bay Buccaneers, have been criticised as the team has not won trophies since 2017, when they lifted the Europa League and League Cup. INEOS said it wants to make United a beacon for a "modern, progressive, fan-centred approach to ownership."
The initial deadline for bids expired on Friday, with Sheikh Jassim Bin Hamad Al Thani, a son of Qatar's former prime minister,a bid. On Thursday, the Daily Telegraph reported that Saudi Arabia has also submitted a bid.
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