An American hedge fund are willing to provide funding for Old Trafford’s redevelopment, which could cost up to £2billion, if they are unsuccessful in their attempts to buy a majority stake in Manchester United.
Elliott Management, former owners of AC Milan, submitted a proposal to United’s bankers Raine Group last Friday offering to provide financing to buy the club from the Glazers, but would also consider funding a stadium overhaul if the Americans opt to retain control or sell to another party.
Elliott’s offer for United is one of three that have made been public, after Qatar bank chairman Sheik Jassim bin Hamad Al Thani and Sir Jim Ratcliffe issued statements confirming their bids.