Manchester United sinks after ESPN says brothers favor outside investment

Joel and Avram Glazer are increasingly confident of securing the outside investment that will enable them to remain as Manchester United owners, Mark Ogden of ESPN reports, citing a source. A number of U.S.-based investment funds have contacted Raine Group, the bank overseeing Manchester’s process, to register their interest in acquiring a minority stake in the club, says Ogden. Elliot Investment Management, Ares Management (ARES), Sixth Street Partners and Carlyle Group (CG) are all attempting to secure a stake in United ahead of the April 28 deadline for third bids, according to ESPN. Brothers Joel and Avram, United’s co-chairmen, favor new investment that will enable them to remain in charge, with siblings and fellow directors Kevin, Bryan and Edward Glazer and Darcie Glazer Kassewitz offloading their stakes in the club, a source familiar with the situation told ESPN. Shares of Manchester United are down 11% to $19.50 following the report. Reference Link