The Daily Observer London Desk: Reporter- Judith Benjamin
Manchester United shares soared by 24 per cent in after hours trading on New York’s Stock Exchange on Monday night, amid report the Qatari takeover bid had been successful.
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 $25.01 caught the eye.
The spike occurred after a report from Qatari newspaper Al-Watan, claimed that Jassim has prevailed in his bidding war with Ratcliffe. It has since been claimed that the origin of that report came from a Twitter account that promotes illegal streaming of matches, casting doubt on the veracity of the claims the takeover is sealed.
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 remains locked in a battle to win the bidding to takeover Manchester United
United’s share price spiked on New York’s Stock Exchange during After Hours trading
United have been on the market ever since the Glazers (pictured) announced they were open to a potential takeover back in November
Islam added that the significant share surge was down to around a quarter of a million trades on United shares across two and a half hours.
Al-Watan posted on Twitter on Monday night that Sheikh Jassim’s takeover bid has been a ‘success’ and that an ‘announcement of the deal [will be] soon’.
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 since Glazers announced they were open to a sale in November
Takeover talk has dragged on at United ever since the Glazers announced they were open to selling the club back in November.
If Al-Watan’s claim indeed holds up, Ratcliffe will have come up short in his effort to purchase United, the club he has supported all his life.
United’s takeover saga is now reaching its conclusion after what has been a long-winded seven months of speculation.
The Glazers first announced they were open to a sale all the way back in November, on the same night they confirmed Cristiano Ronaldo had left via mutual consent.
