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Hedge fund giant Elliott Investment Management is said to have offered to provide financing for an acquisition of famed football club Manchester United (NYSE:MANU).
Elliott, led by Paul Singer, offered the financing as part of a bidding process that kicked into gear on Friday when initial offers were due for the English Premier League team, according to media reports on Saturday, including Bloomberg. Elliott is not bidding for the club itself.
Manchester United (MANU) shares popped 10% on Thursday amid reports that Qatari investors were preparing an opening bid for the team of £5B (nearly $6.1B)
The Qataris face competition from British billionaire Jim Ratcliffe, the executive chairman of Ineos, who represents the only party to have officially declared firm interest in bidding for the team. Ratcliffe has reportedly engaged with Goldman Sachs to provide debt financing for a deal.
The owning Glazer family has signaled that it’s seeking at least £5B for the club, though depending on the observer, some think could the price could be lower, and Raine – the New York bank managing the sale for the Glazers – says strong interest suggests the club could be worth £6B-£8B.
Recent reports also suggested the Glazers might pass on a full sale of the team and pursue a joint investment instead.
