Elliott Investment Management has ruled itself out of making a formal bid to acquire Manchester United, but is keen to be involved in providing finance for the Red Devils, a move that could allow current owners, Joel and Avram Glazer, the club's co-chairs, to remain in control of the club, according to reports.

Elliott Investment Management has ruled itself out of making a formal bid to acquire Manchester United, but is keen to be involved in providing finance for the Red Devils, a move that could allow current owners, Joel and Avram Glazer, the club's co-chairs, to remain in control of the club, according to reports.

Elliott, which completed a $1.2 billion sale of AC Milan to private equity firm Redbird last August after the club won Italy's Serie A title, has reportedly been in touch with the Raine group, the investment bank tasked by the Glazers with exploring options for the record 20-time English champions, including new investment or a potential sale, after 17 years of ownership.

Raine group has received two confirmed bids for the club, one from British billionaire and life-long United fan Jim Radcliffe, whose INEOS company submitted an offer for "majority ownership" on Saturday, and a rival acquisition offer from Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, on Friday.