Man Utd shares pop after Qatar hints at takeover bid success

Manchester United shares jumped on Tuesday after Qatari media suggested Sheikh Jassim bin Hamad al-Thani was likely to succeed with his takeover bid.

CNBC was unable to verify the reports, and a spokesperson for Manchester United declined to comment. The Athletic, the sports media outlet owned by The New York Times, reported that it appeared Qatari media picked up on a rumor from a Twitter account in Wales with about 300 followers.

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Qatar’s Al-Watan newspaper reported Tuesday evening that Sheikh Jassim, a son of the country’s former prime minister, is poised to be announced as the preferred bidder of the Premier League soccer club. Al-Watan is co-owned by Hamad bin Jassim bin Jaber al-Thani.

Shares of Manchester United, which trade on the New York Stock Exchange, were around 11% higher Tuesday afternoon after surging as much as 30% in premarket trading.

The reports came after seven months of negotiations, with British petrochemicals billionaire Jim Ratcliffe also in talks to buy the club.

The social media account of the Al-Watan newspaper said, “The success of Sheikh Jassim bin Hamad bin Jassim’s acquisition” would be announced soon.

Fahad al-Emadi, editor of Al Watan newspaper, shared a similar message.

“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,” he said.

Zaid Al-Hamdan, chairman of Doha-headquartered political consultancy Aramsite Group, congratulated Sheikh Jassim shortly thereafter, despite the absence of an official announcement.

“Congratulations to Shaikh Jassim Bin Hamad Bin Jassim on his acquisition of @ManUtd,” Al-Hamdan said on Twitter.

The Glazer family, Manchester United’s American owners, announced the formal sale process late last year, saying in a Nov. 22 statement that the company’s board of directors would start exploring “strategic alternatives” for the club.

Sheikh Jassim on June 7 was reported to have submitted an improved fifth and final offer of around $6.3 billion for total control of Manchester United. Ratcliffe, meanwhile, was said to have wanted to purchase around 60% of the club.