Qatar’s Sheikh Jassim could soon take over Manchester United

Manchester United PLC (NYSE: MANU) is up more than 10% today following a report that Sheikh Jassim bin Hamad al-Thani was likely to be the new owner of the English football club.

Here’s what we know so far

Sheikh Jassim – Chairman of the Qatar Islamic Bank has been making bids for Manchester United since February 2023.

The current one is his fifth and final bid that will clear the club’s debt and secure additional funding for its investment needs, including on players as well as infrastructure.

According to Qatar’s Al-Watan newspaper, the proposal that will see him pay more than $6.3 billion for Manchester United has been accepted. The club itself, though, declined to comment today.

Manchester United stock is now trading roughly at the same price at which it started the year.

Manchester United stock has been on a tear

The Glazer family who currently owns the football club had revealed plans of considering a sale last November (read more) following immense pressure on continued underperformance. The last time Manchester United won the Premier League was in 2013.

Since November, the stock has gained a whopping 75%. Other notable names interested in buying Manchester United included Sir Jim Ratcliffe – the British billionaire and Chief Executive of the Ineos Group.

Sheikh Jassim’s bid reportedly came view his Nine Two Foundation that so far hasn’t made an official comment either. The stock market news is all the more significant considering the Premier League transfer window will open on June 14^th.