The bids for Manchester United are getting stronger.
Although Elliott Management isn’t looking to take full control of the club, the fund manager has reportedly made it to the second round of bidding to provide funding to the bidders or the Glazers — who purchased the club in 2005 for a reported $942 million — if they decide to keep the team.
British billionaire Jim Ratcliffe is confident that INEOS’ bid will beat out one from Qatari Sheikh Jassim bin Hamad Al Thani despite it reportedly being $1.2 billion less than Sheikh Jassim’s — and even lower than the $7.2 billion price tag the Glazers reportedly want.
Ratcliffe is reportedly in discussions to bring on Dave Brailsford, director of sport at INEOS, to help revamp the team.
Sheikh Jassim, who is interested in a full takeover and is bidding with no debt, will reportedly not “overpay” for the club.
The offers from Ratcliffe’s INEOS and Sheikh Jassim are the only two public bids, but CBS has reported that a fan-led consortium called “Red Devils United” is preparing a bid for the club, although it has not formally entered the process.
Ares Management and Oaktree Capital have also reportedly offered funding to bidders.
It was reported earlier this month that the team’s staff is expected to receive “clarity” on its ownership situation before the season ends in May.