Manchester United’s share price leapt by as much as 10 per cent following reports of a new takeover bid from Qatar’s Sheikh Jassim. Manchester United Plc is listed on the New York Stock Exchange and the price of shares climbed 9.7 per cent in pre-market trading on Wednesday. Shares reached $20.80 in pre-market trading before a volatile day with fluctuating prices.
At the time of Qatar’s latest offer, the market capitalisation of the club was around $3.1bn. The value of shares has increased massively since the current owners, the US-based Glazer Family, first announced their decision to investigate the sale of the club in November last year.
In July 2022 shares were valued at $10.42 and they reached a high of $27.03 in February. Qatar’s Sheikh Jassim bin Hamad al-Thani made an improved offer of $6.9bn to take full control of Man Utd on Tuesday. The fourth bid is the latest twist in the ongoing saga surrounding the sale of the English Premier League football side.
Sheikh Jassim and rival bidder Sir Jim Ratcliffe, owner of UK chemicals company INEOS, submitted what were thought to be third and final offers for the club in April. Sheikh Jassim’s Qatari group made a surprise fresh offer on Tuesday to take 100 per cent ownership of the club, following discussions with the Raine Group.
Reports in UK media suggested Ratcliffe was the preferred bidder. His offer was for around 50 per cent of the club and would leave Man Utd under the control of the Glazer family. The latest Qatar bid, submitted at the eleventh hour, is reported to include funds to clear around $1.2bn in debt and also feature funds to develop the club and the surrounding community.
