The American hedge fund giant Elliott has entered the £5 billion bidding battle for Manchester United in an extraordinary eleventh-hour swoop.
The former owner of Italian club AC Milan, which manages $56 billion (£46 billion) in assets, is thought to have lodged a late proposal just before Friday's deadline for the first round of bids.
The heavyweight investor, run by Paul Singer, has ruled itself out of a full takeover of the club, but has offered to provide the financing for a bid, sources said.
Details of its proposal are as yet unclear but could involve Elliott taking a stake in the club, providing debt funding, or a mix of the two. The Raine Group is running the sales process on behalf of United's owners,