The proposed takeover of Manchester United has taken a fresh twist following confirmation that the former owners of AC Milan have submitted a bid for a minor stake that would see the Glazer family remain in charge at Old Trafford.
Elliott, who last year turned a handsome profit by selling the Serie A giants for €1.2bn to RedBird Capital, made an offer for an undefined amount of equity in the club before last night’s 9pm deadline, which ended up being extended after separate offers from Sheikh Jassim and Sir Jim Ratcliffe were not received.
Those bids are still going to be evaluated by Raine Group, the US bankers in charge of the process, and are the only two looking to buy the entire stake from the Glazers, who have an asking price of £6bn.
