Adam Neumann WeWork bid faces questions over financing, business plan [Video]

Adam Neumann has sent a preliminary offer to buy WeWork out of bankruptcy for more than $500 million, five years after he was ousted by the office-sharing company he founded. But it’s not clear that he has the financing and requisite support from creditors to consummate a deal.

In trying to reclaim WeWork, Neumann has to contend with a checkered past at the company, uncertainty over funding and the difficulty in valuing a business that’s midway through a restructuring process. CNBC spoke with multiple people familiar with the company and Neumann’s offer. They requested anonymity to speak freely about private matters.

Investment firm Rithm Capital, which acquired Daniel Och’s Sculptor Capital Management in November, is one of parties interested in financing the bid, sources told CNBC. Rithm’s involvement remains preliminary and the diligence process is …