A BUYOUT financier worth £290bn has offered funds to at least one bidder to support a potential takeover of Manchester United, according to reports.
The Glazer family set a soft deadline of 10pm last Friday for interested parties to submit their bids.
They received offers from the likes of Sheikh Jassim and Sir Jim Ratcliffe.
And Ares Management Corp, based in the US, have become just the latest asset manager to try and get involved in the proposed takeover, claim Reuters.
They add that funds were offered to “at least one bidder” in the form of “structured equity”.
But they were reportedly turned down, as their terms were “unattractive”.
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Ares are claimed to have also attempted to help fund moves for Chelsea last year.
They reportedly backed two of the bids that lost out to Todd Boehly and Clearlake Capital.
Qatari Sheikh Jassim has already vowed to fund his bid without external funding that would saddle the club with debt.
While Ratcliffe’s company INEOS would also prefer to avoid external financing, if they can help it.
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Man United bidders have allegedly been warned against public campaigns that could damage the Glazer family.
The Times claim that the Raine Group, the bank overseeing the potential sale, has moved to “firmly remind bidders that the process is meant to be private” and warned them against making remarks that reflect badly on the Glazers.
The Qatar bid statement “is understood to have caused consternation among those running the process” as it promised to return United to its “former glories” and “implied criticism of the present owners”.
The Ineos bid then issued its own statement on Saturday which outlined their desire for “putting the Manchester back into Manchester United” and investing money to “make them the number one club in the world once again”.
Meanwhile, the Glazer family have reportedly been offered the financial backing to STAY at United by hedge fund company Elliott Management.
They have entered the takeover race and presented a way for the current owners to stay.
ESPN report that the US billionaire group do not want to buy Man Utd outright and their proposal is “possible financing, not a bid for the club.”
They would instead look to help finance United, which means they may help clear debts, or obtain part-ownership, or potentially both.
This would help the Glazers remain at Old Trafford as Elliott Management’s cash injection could help with possible investments such as renovating Old Trafford.
Source: Soccer - thesun.co.uk
