Man United takeover: A new bidder makes an alternate offer that would keep the Glazers at Manchester

A new bidder has entered the Manchester United bidding war, with Genevra Associates expressing interest in acquiring a minority position in the club while the Glazers retain control.

A new bidder has proposed to buy a minority share in Manchester United, allowing the Glazer family to retain ownership of the Premier League team.

The Glazers have put United on the market, and they welcome either a full sale or investment in the club. The Raine Group, which also managed the sale of Chelsea last year, is in charge of the process, and bids have already been lodged by Sir Jim Ratcliffe and Jassim bin Hamad Al Thani.

The Group is anticipated to contact those bids again this week, after a soft deadline expired a fortnight ago. But, a new bidder has entered the game, with Luxembourg-based hedge fund Genevra Associates putting themselves forward as potential investment candidates.

They have ‘expressed interest’ in taking a minority position in the Red Devils, according to AP News, subject to certain circumstances. They are thought to be eager to collaborate with current majority owners the Glazers as part of their proposal.

They intend to provide a means for global fans to buy a stake in the team, allowing public shareholders to own at least a 50% stake. One of the firm’s partners Irfan Khan believes that the Premier League heavyweights are a “good investment”.

“The Covid-19 pandemic has had a terrible influence on all sports teams throughout the world, including United. “But, we continue to feel it is a terrific investment with fantastic upside potential and millions of ardent fans worldwide,” Khan said.

Genevra is eager to realign the club’s commercial interests and has stated that fans will play an important role in their vision for the squad. Shah Farsi, the hedge fund’s founding partner, has expressed their intention to act as the reforming force required to propel the club forward.

“We understand that United fans have been rightfully frustrated over the last several years. Our aim is to act as the force of reformation that harmonizes the interests of the owners and the fans and push for some much-needed transformation at the club,” Farsi said.

“We have received a number of solid commitments over the recent weeks and we hope to transform that into a unique win-win opportunity for all those involved.”

The hedge fund have said they will keep fans updated through social media. On their website, it is stated that Genevra Associates are registered as an Alternative Investment Fund with le Registre de Commerce et des Sociétés (RCS).

They advertise themselves as being “a dynamic investment management organization, dedicated to enabling its clients with access to distinctive and uncorrelated investment techniques and unprecedented transparency”.

The new bidder’s announcement comes as supporters grow concerned that the Glazers will retain control. Avram Glazer was in the stands on Sunday as Manchester United defeated Newcastle in the Carabao Cup final.

Yet, the Red Devils’ stock price on the New York Stock Exchange has dropped about 10% since Monday due to the rising likelihood that the Glazers will stay. The Americans are requiring a proposal of more than £5 billion, which Ratcliffe and Al Thani have yet to meet.

While Ratcliffe and Al Thani are negotiating for a full takeover, Elliott Investment Management has made a minority ownership offer. The full bids have yet to be disclosed, and the process is still ongoing.