Manchester United shares soared by 17 per cent in after hours trading on New York’s Stock Exchange on Monday night, potentially signalling imminent confirmation of a Qatari takeover.
There are two bids on the table to buy the Premier League side one from British billionaire Sir Jim Ratcliffe and the other from Sheikh Jassim of Qatar. United’s share price – which was around $12 back in November when the Glazer family announced it was to be put up for sale is always closely monitored and a sudden spike to $23.60 caught the eye.
The spike occured after a report from Qatari newspaper Al-Watan, via The Mirror an outlet owned by his father and the country’s former Prime Minister Jassim bin Jaber Al Thani claimed that Jassim has prevailed in his bidding war with Ratcliffe.
BBC’s Economics Editor Faisal Islam added further context around the share price intrigue, revealing that Jassim’s offer is to purchase 100 per cent of the shares from the Glazers, and he is ready to pay out on the New York Stock Exchange’s listed share price when completing a deal.
Sheikh Jassim’s bid understood to be worth around £5billion is for total control of United, while Ratcliffe’s Ineos is for around 60 per cent of the club. There has been a growing frustration at how long the sale is taking, especially given the imminent opening of the transfer window. The process originally started in November of last year.
It is understood that the need to strengthen Erik ten Hag’s squad has played a major role in the Sheikh’s latest and final move. He is keen to complete the takeover and arm the Dutch manager with significant funds ahead of the new season. Takeover talk has dragged on at United ever since the Glazers announced they were open to selling the club back in November.
