MANU shares surge on Qatar media’s hint of takeover plans.

On Tuesday, June 13, the share price of Manchester United (NYSE: MANU) increased by a significant 30% during pre-market hours on the New York Stock Exchange. The surge was caused by rumors that Sheikh Jassim bin Hamad al-Thani of Qatar is likely to succeed in his takeover bid for the Premier League soccer club.

On Tuesday, Qatar’s local news publication Al-Watan reported that Sheikh Jassim is expected to become the preferred bidder for Manchester United. However, the club has not confirmed the takeover yet. The news was enough to boost the value of MANU shares.

This development comes after seven months of negotiations between the parties involved. British petrochemicals billionaire Jim Ratcliffe was also interested in buying Manchester United.

Al-Watan also shared the news on its Twitter account, stating that “the success of Sheikh Jassim bin Hamad bin Jassim’s acquisition” would be announced soon. Fahad al-Emadi, the editor of Al Watan, also confirmed the news. He said:

“All the news received indicates the success of Sheikh Jassim bin Hamad bin Jassim’s acquisition of Manchester United, and the announcement of the deal will be very soon.”

Following the surge in the stock, MANU’s share price has now risen to nearly $25. However, it has still been trading negatively since the beginning of 2023.

Events that Influence MANU Shares Price

The American owners of Manchester United, the Glazer family, announced the formal sale process of the club in November 2022. At that time, the company’s board of directors discussed exploring “strategic alternatives” for the club.

In August 2022, Elon Musk also made a joking comment that he was buying Manchester United, which sparked a significant reaction in the global football community.

Recently, Sheikh Jassim submitted an enhanced bid of approximately £5 billion, accompanied by a pledge of £1 billion in investment. This offer aims to acquire complete ownership of Old Trafford. Meanwhile, Ratcliffe’s proposal is believed to be for a 60% stake in the club, with the possibility of involvement from members of the Glazer family.

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