MANU stock price surged by a staggering 30% as the news emerged of Sheikh Jassim being the preferred bidder of the Premier League soccer club.
On Tuesday, June 13, the shares price of Manchester United (NYSE: MANU) popped up by a massive 30% in the pre-market hours on the New York Stock Exchange. The recent surge happened after Qatari media suggested Sheikh Jassim bin Hamad al-Thani is likely to succeed with his takeover bid.
On Tuesday, Qatar’s local news publication Al-Watan reported that Sheikh Jassim will soon emerge as the preferred bidder of the Premier League soccer club. However, Machester United has not confirmed this takeover so far. But the news was enough to put fuel to MANU shares.
The development happens after seven long months of negotiations that happened between the concerned parties. British petrochemicals billionaire Jim Ratcliffe was also one of the interested parties in buying the Manchester United Club.
The Al-Watan newspaper also shared the same news on their social media Twitter handle stating that “the success of Sheikh Jassim bin Hamad bin Jassim’s acquisition” would be announced soon. Fahad al-Emadi, editor of Al Watan newspaper also shared a similar message. 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.”
With the current surge in the stock, MANU stock price has now moved close to $25. However, it still trades in negative since the beginning of the year 2023.
Events that Influence MANU Shares Price
The American owners of Manchester United i.e. the Glazer family announced the formal sale process of the club last year in November 2022. Back then, the company’s board of directors spoke about exploring “strategic alternatives” for the club.
In recent days, 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.