American hedge fund bidding for Man Utd ready to pay £2bn to rebuild Old Trafford even if they don’t take over club

AN AMERICAN hedge “are willing to provide funding for Old Trafford’s redevelopment” worth around £2 billion even if they DON’T buy a majority stake in the club.

Elliott Management, who used to own AC Milan, lodged a proposal to United’s bankers Raine Group last Friday to buy the Red Devils from the Glazer family.

GettyOld Trafford’s redevelopment will be a top priority for whoever gets Man Utd[/caption]

However, now the Daily Mail claims that they “would also consider funding a stadium overhaul” even if the Americans decide to sell to another bidder or opt to retain control.

Elliott’s offer is one of three along with Qatar bank chairman Sheik Jassim bin Hamad Al Thani’s and Sir Jim Ratcliffe’s.

Whoever takes over will make upgrading the Theatre of Dreams one of their top priorities.

And United have already been presented with a number of options on a new-look ground by Populous.

Those designs range from a £1bn redevelopment to completely rebuilding their home for £2bn.

Sheikh Jassim is up against Sir Jim Ratcliffe’s INEOS group to take control of the club after the Glazer’s put it up for sale for around £6bn.

In a statement last week Sheikh Jassim made his intentions clear to buy the club out right and make it number one again.

His statement said: “The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football club once more.

“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.

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“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world.”

Ratcliffe, who also owns French side Nice, is a boyhood Man Utd fan and made his money via chemical company INEOS.

However, bidders for United have allegedly been issued a warning to stop their public campaigns potentially damaging the Glazer family.

Any deal that happens will be overseen by US bank Raine, who took control of the £2.5billion sale of Chelsea to Todd Boehly last May.