To The Moon

Shares of Manchester United surged up to 30% in premarket trading on the acquisition news. The stock closed up 13.76% at $22.9.

Sale rumor from Twitter drove $Manchester United PLC(MANU)$ shares up

According to Qatar's Al-Watan newspaper, Sheikh Jassim, the son of the country's former prime minister, is expected to be announced as the preferred bidder for the club. The reports seem to have originated from a Twitter account in Wales with a small number of followers.

The Athletic, a sports media outlet owned by The New York Times, reported that Qatari media picked up on the rumor from the Welsh Twitter account.

A spokesperson for Manchester United declined to comment on the matter.

Manchester United's stock has risen approximately 74% in the past year. Most of the gains came after the Glazer family confirmed in November 2022 that they were exploring new strategic options, including selling the club. However, concerns about valuation weighed down the price of Manchester United's stock. Its performance has been worse than the market, falling about 14% year-to-date.

Media are confident about takeover bid “success” by Sheikh Jassim

The potential takeover bid follows seven months of negotiations, with British billionaire Jim Ratcliffe also said to be in talks to purchase the club.

While there has been no official announcement, the Al-Watan newspaper's social media account and Fahad al-Emadi, the editor of the newspaper, expressed confidence in Sheikh Jassim's acquisition of Manchester United.

Zaid Al-Hamdan, the chairman of a political consultancy group, also congratulated Sheikh Jassim on Twitter, despite the absence of an official confirmation.

Sheikh Jassim reportedly submitted an improved final offer of around $6.3 billion for complete control of the club, while Ratcliffe was said to be interested in purchasing a 60% stake in the team.