US hedge fund firm Elliott Investment Management has reportedly become the latest party to enter the Manchester United takeover race.
The business is said to manage assets of around £46bn and is headed by Paul Elliot Singer. The Raine Group had set a soft deadline of 10pm on Friday for potential bidders to submit their initial proposals.
The details of the interest put forward by Elliott Investment Management, which formerly owned Italian giants AC Milan, is unclear but The Times reports that it has ruled itself out of a full takeover bid.
READ MORE: INEOS confirm Sir Jim Ratcliffe Manchester United takeover bid
The report adds that the group has instead "offered to provide the financing for a bid" after making a last-gasp entry. Potential plans could include helping with debt management and part-ownership.
Elliott Investment Management becomes the third known entity to initiate interest in United after confirmation statements from Qatari Banker Sheik Jassim bin Hamad Al Thani on Friday evening and Sir Jim Ratcliffe on Saturday.
A full sale of United is the most likely outcome although the Manchester Evening News understands that Avram and Joel Glazer are considering buying out the shares of their other four siblings.
MEN Sport also understands that all bids at this stage are indicative with the next phase seeing bidders gain access to financial documents before interested parties are required to table their official proposals.
On Friday evening, Sheik Al Thani - one head of Qatar's biggest banks, QIB - released a statement of his bid for United on Friday evening.
Then, INEOS confirmed on Saturday afternoon Sir Jim Ratcliffe also submitted his proposals ahead of the deadline. Its statement said: "Sir Jim Ratcliffe and INEOS have submitted a bid for majority ownership of Manchester United Football Club.
"We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community. We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again.
"We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership.
"We want a Manchester United anchored in its proud history and roots in the North-West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League."
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