Battle to buy Manchester United heats up as activist investor Elliott jumps in at the last minute

• US hedge fund Elliott has offered to finance bids for Manchester United.
• British billionaire Jim Ratcliffe and Qatari Sheikh Jassim Bin Hamad Al Thani are battling for control of the club.
• It’s still unclear which bid Elliott will be involved in, per Reuters.

US hedge fund Elliott Management has offered to finance bids for Manchester United, wading into an ongoing takeover battle between the UK’s second-richest man and the son of Qatar’s former prime minister.

The activist investor isn’t seeking to buy the soccer giant outright but could take a minority stake in the club or provide debt funding. according to reports that cited people familiar with the matter.

Reuters and The Times first broke news of Elliott’s involvement Saturday, one day after a deadline for bids set by United’s American owners.

Sir Jim Ratcliffe’s chemical manufacturing firm Ineos Group and Qatari Sheikh Jassim Bin Hamad Al Thani are both trying to buy the football club.

Ratcliffe is the UK’s second-wealthiest person, with a net worth of $13.6 billion according to the Bloomberg Billionaires Index.

He was born in Oldham, a town located 7 miles from Manchester, and is a lifelong Manchester United fan.

Sheikh Jassim, who also says he’s supported the team his whole life, chairs the Qatari bank QIB and is the son of the country’s former prime minister.

His consortium promised “to return the club to its former glories” in a Friday statement where it announced its bid. United has won a record 20 league titles but haven’t topped the English Premier League since legendary manager Sir Alex Ferguson retired in 2013.

The Glazer family, which currently owns a controlling stake in the publicly-listed company, wants at least 6 billion pounds ($7.25 billion) to sell the club, according to ESPN.

Elliott has owned football clubs before, having controlled Italian champions AC Milan between 2018 and 2022 before selling its stake to RedBird Capital Partners for $1.2 billion.

Manchester United shares have edged up 1.6% to just under $27 since Friday’s closing bell, with markets closed Monday for Presidents Day.

Elliott declined to comment, while Manchester United didn’t immediately respond to Insider’s requests for comment.

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