Sheikh Jassim Submits Takeover Bid for Manchester United with Friday Deadline
Sheikh Jassim Submits Takeover Bid for Manchester United with Friday Deadline

Manchester United Shares Rise Astronomically, Amidst Talks of a Takeover

As reports continues to link Qatar’s Sheikh Jassim bin Hamad to a successful takeover bid of Manchester United, shares of the English Club increased by 13% on Tuesday to reach a two-month high.

Sheikh Jassim, the son of a former Qatari prime minister, was reportedly set to be revealed as the preferred bidder for the Premier League football club on Tuesday, according to Qatar’s Al-Watan daily, according to CNBC.

Sheikh Jassim reportedly made a “fifth and final” offer of more than 5 billion pounds ($6.28 billion) this week, after British billionaire Jim Ratcliffe’s INEOS allegedly outbid him in April, according to the UK’s Daily Mail.

Manchester United’s stock, which is traded in New York, was up as much as 30% before the opening bell and was now trading at $23.07. Since the club’s owners, the American Glazer family, announced in November that they were considering selling the club, the stock has increased by 53%.

Although neither offer is that high, the Glazer family is reportedly asking for 6 billion pounds ($7.5 billion), which would be a record for any sports team or franchise.

Days after Sheikh Jassim’s “deadline” last week, after which he declared he would not engage in any more negotiations, no agreement has yet been achieved.

A writer at Parallel Facts