Manchester United shares soar after news of new owner

Shares in Manchester United (MANU.N) rose to a two-month high on June 13 after news that Qatari prince Sheikh Jassim bin Hamad al-Thani had successfully bought the Premier League club.

MANU.N saw its biggest one-day gain since November, rising 13.8% to $22.90 at market close. The stock has gained more than 23.9% over the past three trading days and is up 26.3% over the past month.

On the evening of June 12, Qatari newspaper Al-Watan posted a tweet saying that Qatari banker Sheikh Jassim Bin Hamad Al Thani had gained control of the Red Devils, based on unsourced “reports”, adding that the deal would be announced soon.

The Glazer family first announced the sale of Man Utd, one of the most famous football teams on the planet, in November 2022. MANU.N shares have risen nearly 76% since then.

Sheikh Jassim has made a “fifth and final” offer worth more than £5 billion ($6.28 billion) after British billionaire Jim Ratcliffe’s INEOS group outbid him in April, according to the British newspaper Daily Mail.

The Glazer family has reportedly offered to sell Manchester United for £6 billion ($7.5 billion). This would be a world record for any sports club or franchise. However, no bidders have come forward with such a high price. The Glazer family has yet to comment on the matter.

Nguyen Tuyet (According to Reuters, Barron's)

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