US investment proposal leaves takeover option no Manchester United fans want still on table

By lunchtime on Saturday, Manchester United fans knew of two takeover bids that had been lodged for their club.

Sir Jim Ratcliffe’s interest had been known for some time and welcomed, while the emergence of Qatari banker Sheik Jassim bin Hamad Al Thani’s proposals on Friday also drew a wave of positive reactions from some fans online.

But as Saturday afternoon edged into evening, a third potential party also became linked with the Reds. American hedge fund giant Elliott Investment Management have seemingly thrown their name into the hat - albeit not to offer a full-scale takeover but, instead, the financing for a bid.

READ MORE: American hedge fund giant 'enters' Manchester United takeover race

A clean cut-off is judged to be the most likely option if the Glazers do go through with a sale, although there are more hurdles to jump over just yet. The Manchester Evening News understands that offers at this stage are only indicative and that a further phase will allow bidders access to financial documents.

From there, interested parties will be asked to table their final proposals. Reports elsewhere claim that the Raine Group - the US bankers overseeing the takeover process - are only catering for the club’s B-shares.

These are said to outnumber A-shares, which count for a minority and are supposedly owned mainly by US investors. If correct, this would potentially mean these shares may be sold on the Glazers' own accord.

Additionally, MEN Sport understands that Avram and Joel Glazer are exploring the possibility of buying out their four other siblings on the United board. The thought of a Glazer shut-in will make United fans shudder, but that is exactly what the rumoured Elliott Investment Management proposals leave