As reported by the Manchester Evening News, Manchester United’s shares experienced a significant surge of 24 per cent during after-hours trading on the New York Stock Exchange.
This surge has led to speculation about an imminent confirmation of a potential Qatari takeover.
British billionaire Sir Jim Ratcliffe and Sheikh Jassim of Qatar have already placed their bids for the club.
Man United’s share price has been closely observed, especially since the Glazer family announced the club’s intention to be sold, with the price rising from around $12 in November to a notable $25.01 spike.
Following a report in the Qatari newspaper Al-Watan, it is claimed that Sheikh Jassim has emerged victorious in the bidding war against British billionaire Sir Jim Ratcliffe for the acquisition of Man United.
This news coincided with a notable spike in the club’s share price, prompting further interest and speculation.
Faisal Islam, the Economics Editor at BBC, provided additional information regarding the share price surge. He revealed that Sheikh Jassim’s offer entails purchasing the entire 100 per cent of shares from the Glazer family.
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Furthermore, he is reportedly prepared to pay the share price listed on the New York Stock Exchange at the time of completing the deal.
The substantial increase in United’s share price was attributed to approximately 250,000 trades on the club’s shares over a period of two and a half hours.
Qatari newspaper Al-Watan shared a post on Twitter, stating that Sheikh Jassim’s takeover bid for the club has been successful and that an announcement regarding the deal is imminent.
Sheikh Jassim’s bid is reportedly valued at approximately £5 billion, aiming to gain full control of the club. On the other hand, Sir Jim Ratcliffe’s Ineos bid is for around 60 per cent ownership.
There is growing frustration due to the prolonged duration of the sale process, especially with the opening of the transfer window. The process initially began in November of the previous year.
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It is understood that the Sheikh’s latest and final move is motivated by the need to bolster Erik ten Hag’s squad.
He is eager to complete the takeover swiftly and provide significant financial resources to the Dutch manager ahead of the upcoming season.
Since the Glazers announced their intention to sell the club back in November, discussions regarding a potential takeover have been ongoing.
If Al-Watan’s claim proves to be true, it would mean that Sir Jim Ratcliffe has been unsuccessful in his bid to acquire the club, despite being a lifelong supporter.
The protracted takeover saga is finally approaching its conclusion after a lengthy and speculative period of seven months.
