Manchester United Shares Rise As $6 Billion Qatari Buyout Talks Reportedly Heat Up—Despite Team’s Denial

Forbes Business Breaking Manchester United Shares Rise As $6 Billion Qatari Buyout Talks Reportedly Heat Up—Despite Team’s Denial Antonio Pequeño IV Forbes Staff I cover breaking news. Following Jun 15, 2023, 06:38pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Topline Manchester United’s stock price rose nearly 7% Thursday after reports that the Premier League club could enter exclusive talks to sell itself to Qatar’s Sheikh Jassim bin Hamad al-Thani in a massive deal worth more than $6 billion —negotiations the team later denied to the BBC. A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford, home of .

. . [+] Manchester United on March 2, 2011 in Manchester, England.

(Photo by Mike Hewitt/Getty Images) Getty Images Key Facts Reuters reported Manchester United was discussing an exclusive negotiation period that would have been used to potentially sell itself to Sheikh Jassim while blocking out other bidders, citing people familiar with the matter. As news about the reported negotiations broke, Manchester United’s stock jumped up nearly 15% Thursday morning, eventually stabilizing and closing at $24. 81—a near 7% increase from its opening price.

Reuters’ sources added the Qatari offer was viewed favorably by the Glazer family, the club’s minority owners, who prefer it over a bid from INEOS founder and British billionaire Jim Ratcliffe. BBC soccer reporter Simon Stone later reported exclusivity was not granted to the Sheikh and that sale talks were continuing with multiple parties, citing unnamed Manchester United leadership sources. Key Background The Glazer family, which purchased Manchester United in 2006 for $1.

4 billion, announced last November in an investor meeting it was “commencing a process to explore strategic alternatives for Manchester United. ” Sheikh Jassim and Ratcliffe are the only bidders that have made their intentions to purchase the club public. April marked the third round of bids from several parties that included Sheikh Jassim, Ratcliffe and former Nokia executive Thomas Zilliacus.

The Glazer family were among Forbes ’ list of America’s richest families in 2015—with an estimated $4. 7 billion net worth. The family built its wealth through commercial real estate and has been involved in sports team acquisitions before, having bought the Tampa Bay Buccaneers for $192 million in 1995.

Forbes Valuation We estimate Manchester United’s value at $6 billion, ranking No. 2 in Forbes ’ 2023 list of most valuable soccer teams . Sheikh Jassim’s net worth is estimated at $1.

2 billion . Further Reading Manchester United sale: Club denies reports of ‘negotiating exclusivity’ with Qatar’s Sheikh Jassim (CBS) Exclusive: Manchester Utd negotiating exclusivity with Qatar’s Sheikh Jassim in $6 billion-plus sale talks (Reuters) Follow me on Twitter or LinkedIn . Send me a secure tip .

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