Manchester United shares surge as Sheikh Jassim bin Hamad Al Thani’s bid gains momentum

Manchester United shares rose by 30% in pre-market trading on Tuesday, following reports that Sheikh Jassim bin Hamad Al Thani, son of the former prime minister of Qatar, was likely to succeed in his bid to acquire the club.

Reports speculate Sheikh Jassim as top bidder

CNBC and Al Arabiya reported that Sheikh Jassim was preparing to receive a decision confirming that he is the top bidder to buy the English Premier League football club.

Long negotiations and competing bids

The reports come after seven months of negotiations, during which British billionaire Jim Ratcliffe was also in talks to buy the club. Sheikh Jassim reportedly made a fifth and final improved bid of around $6.3 billion for full control of Manchester United, while Ratcliffe was said to be interested in acquiring around 60% of the club.

Glazer family exploring strategic alternatives

The Glazer family, who are the American owners of Manchester United, announced the official sale of the club late last year, stating that the company’s board would begin to explore “strategic alternatives” for the club.

Announcement expected soon

Al-Watan’s social media account via Twitter stated that “The success of the acquisition of Sheikh Jassim bin Hamad bin Jassim” would be announced shortly. A similar message was published by the editor-in-chief of the Al-Watan newspaper, Fahd al-Emadi, who said that “all the news received points to the success of Sheikh Jasim bin Hamad bin Jasim’s acquisition of Manchester United and the deal will be announced very soon.”