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, the Daily Mail reports.
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.
Upgrading Old Trafford will be a priority for whoever takes over and, as Sportsmail revealed last month, United have already been presented with several options by architects Populous, which range from a £1bn redevelopment to building a completely new stadium for £2bn.
