Manchester United shares ended Tuesday’s session up 13.8%, hitting a two-month high following a report that Qatar’s Sheikh Jassim bin Hamad al-Thani is set to be announced as the preferred bidder.
Shares of operator Manchester United Ltd.
MANU,
closed at $22.90, their highest closing price since April 13.
The report came Monday from Qatar’s Al-Watan newspaper. Sheikh Jassim has been battling British billionaire Sir Jim Ratcliffe for control of the club after the controlling Glazer family said they would consider selling. Manchester United declined to comment on this story.
Related: Manchester United takeover: Sheikh Jassim makes final bid and will walk away if it isn’t accepted
MarketWatch has learned that Sheikh Jassim submitted his fifth and final bid for Manchester United last week. As before, the bid is for 100% of the club, would clear Manchester United’s debt and has separate additional funding purely for the club’s ongoing player, infrastructure and other investment needs.
Sheikh Jassim, the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar, entered the Manchester United takeover race in February. He is bidding for the club through his Nine Two Foundation, which was named in an apparent nod to Manchester United’s “Class of ’92” FA Youth Cup-winning team, which included future stars David Beckham, Ryan Giggs, Paul Scholes, Gary Neville, Phil Neville and Nicky Butt. The Nine Two Foundation did not provide any updates Tuesday. MarketWatch has learned that Sheikh Jassim’s team is awaiting clarity from Manchester United’s sellers.
This is a crucial juncture for Manchester United, with the Premier League transfer window for signing new players set to open on June 14 and close Sept. 1. Fans are eager to see how any takeover developments will affect Manchester United’s ability to make key player signings.
Related: Manchester United’s stock slips as takeover saga rumbles on
The protracted takeover battle for the iconic English soccer club is now in its eighth month. Sheikh Jassim and Ratcliffe, the chief executive of the chemical giant Ineos, have made rival bids for Manchester United. Ineos has not yet responded to a request for comment from MarketWatch.
The American Glazer family took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment in, or an outright sale of, the Premier League club.
The Glazers have come under intense pressure to sell Manchester United amid ongoing fan frustration over what is seen as underperformance. The club, one of the biggest names in world football, last won the Premier League in 2013. In 2021, the Glazers faced major backlash from fans over the team’s planned involvement in the controversial European Super League.
See Now: As Manchester United takeover saga continues, Brera Holdings makes strategic investment
The club did clinch its first trophy in six years earlier this year, with a 2-0 defeat of Newcastle United in the League Cup final.
Earlier this month, Manchester United took on Premier League champion Manchester City in the FA Cup final, the traditional finale of the English soccer season. Manchester City ran out 2-1 winners against its local rival.
This post was originally published on Market Watch
