Shares of football club, Manchester United (NYSE: MANU) jumped in pre-market trading on Wednesday after a report in The Sun that the club may finally be sold for £6 billion to Qatari royal Sheikh Jassim early next month.
Jassim fought off a bid from the British billionaire Sir Jim Ratcliffe, who was willing to allow the Glazer family (MANU’s current owners) to retain a stake in the club. Apparently, according to the report, Jassim’s team is currently doing due diligence on the sale and the takeover is likely to be finalized by mid-October of this year.
The report stated that if the sale does take place, the Glazer family will make a “healthy profit” even as the Manchester United club has been saddled with a debt of £725 million — its highest debt since 2010.
MANU stock has performed exceedingly well in the past year, with the stock up by more than 60%.
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