A third party has reportedly reached the 'second stage' of the Manchester United takeover process.
Qatari Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe's INEOS Group were already known to have advanced from the initial interest phase of bidding after making their proposals public last month. Both made indicative offers to become the new majority shareholders of United.
The Raine Group continue to oversee this business on behalf of the Glazer family and are also set to touch down in the city, as individuals from hedge fund Elliott Management already have. Here are the latest United takeover headlines.
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Elliott 'reach second stage'
Elliott Management has reportedly joined Qatari Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe's INEOS Group in making it through to the second stage of the Manchester United takeover process, according to Sky Sports.
The Florida-based hedge fund is said to have submitted a 'proposal for financing' that is 'open to all parties'. As was widely reported when their initial interest first emerged in February, they have no intention of owning the club outright despite attending Old Trafford for Thursday night's Europa League round of 16 first leg against Real Betis.
Who are Elliott?
Elliott, which was founded by Paul Singer in January 1977, describes themselves as 'one of the oldest fund managers of its kind under continuous management'. The company took their name from Singer, whose middle name is Elliott, and the 78-year-old remains its president and co-chief executive.
The company's website states that they manage approximately $55.7 billion in assets as of June last year. Elliott also employs almost 500 people.
Gary Neville's Glazers theory
Sky Sports pundit Gary Neville believes that the presence of Elliott Management is a play by Joel and Avram Glazer to remain in charge of the club.
"Nope! This looks like it’s a Joel and Avi Glazer play to either 'stay in control' or 'force the other bidders up,'" Neville tweeted upon seeing the news. "Go on their website. They aren’t an owner of Manchester United!"
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