Marshall-Backed Man. U. Bid Put On Hold

Mar 30 2010 | 11:10am ET

Fans of Britain’s most famous soccer team will have to wait to find out if a hedge fund-led effort to buy the team will even happen, let alone be successful.

The so-called “Red Knights,” a group of top London financiers including Marshall Wace Asset Management founder Paul Marshall, will not make their bid for Manchester United Football Club until the end of the current season. The team plays its final English Premier League match on May 9.

The Red Knights are thought to be seeking US$1.5 billion to buy the team from the American Glazer family, which bought Man. U. in 2005. But the Glazers, who also own the National Football League’s Tampa Bay Buccaneers, have piled more than US$1 billion in debt on the team, earning the ire of Man. U. supporters.

“In the next few weeks we will continue to work on our proposal,” the potential buyers said in a statement. “We do not expect this to be finalized before the end of the current football season. This will have the advantage of minimizing external distractions as the team enters the decisive period of the season.”

Man. U. is currently atop the Premier League table in its bid for a 19th league championship. The team also faces a crucial match in the European Champions League today against Bayern Munich.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note