"They are not interested..." - £47bn group ruled out of £2bn Man Utd deal amid reports of takeover U-turn

American investment firm Elliott Management has been ruled out of a deal to revamp Old Trafford.

In November the Glazers confirmed they were open to a United sale, while they were also considering other options for the club “including new investment”.

And last month British billionaire Sir Jim Ratcliffe and Sheikh Jassim Bin Hamad Al Thani made rival bids for a full takeover of the club.

Both parties have made it through to the next stage of the takeover process, reportedly along with a third bidder - Luxembourg-based hedge fund Genevra Capital - who announced in a press release that they proposed taking a minority stake.

Each is set to meet US investment firm Raine Group at Old Trafford later this month.

Amid the bidding war, there have also been claims that American investment firm Elliott Management want to finance a long-anticipated revamp of Old Trafford.

However, Football Insider has claimed such reports are wide off the mark.

Elliott Management ruled out of Man Utd stadium revamp

It had been reported that Elliott Management, which has £47billion of assets under its control, was willing to provide capital for a refurbishment of Old Trafford, in a deal that could cost up to £2billion.

However, it is now understood that while the American company is still keen on funding a third party’s takeover efforts, it is not interested in a deal solely to finance United’s stadium makeover.

A total rebuild of the 75,000-seater stadium and a regeneration of the surrounding facilities has long been considered by United, with the club having reportedly appointed architecture firm Populous to draw up blueprints.

The redevelopment plans have been central to negotiations between the Raine Group and prospective buyers.

Glazers u-turn

The Sun claimed this week that a range of options remains on the table for the Glazer family, including the removal of the club from the sales market altogether.

Indeed, a source has said, via the same report, that the family will “act as one” in determining whether a sale of the club takes place.

Avram Glazer was at Wembley last month to watch United's 2-0 win over Newcastle in the Carabao Cup final, which fed 'growing fears' that the Glazers would indeed be staying at the club.

And it is claimed by The Sun that another option for the club's owners is to bring in external cash.