It’s been quite a saga for Manchester United (NYSE:MANU) as various parties have been seeking to buy out the soccer team for the last several months. But now, word has emerged that the official handover may be closer than expected, and with a deal potentially in the making, Manchester United stock surged up over 13% in Monday afternoon’s trading.
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Where previously, there were two competitors vying for ultimate control of the team—Sir Jim Ratcliffe and Shiekh Jassim of Qatar—the latest reports suggest that Shiekh Jassim is now the current frontrunner to take control of Manchester United. The latest word further notes that Shiekh Jassim has done his homework and altered his bid to go for a full sale of the club at six billion pounds sterling. Further reports suggest that, at this point, a sale could be completed by November, even though that’s part of the way through a full season.
The news comes at a good time for Manchester United, which is already in the grips of some strong sentiment through some roster changes on the team. New striker Rasmus Hojlund has already announced plans to “bleed for this jersey” while holding up a Manchester United jersey, ensuring that he plans to fight for as many wins as possible. Meanwhile, manager Erik ten Hag made it clear that he plans to make Manchester United the “…best transitional team in the world.” With a transition of a different sort poised to take place in the boardroom, ten Hag may just have helped make a sale.
Meanwhile, it’s clear what effect the word of a potential buy had on Manchester United, as evidenced by its last five days of trading. Mild volatility marked the previous five days, with some losses and a recovery in progress from same. Then the news hit about Shiekh Jassim’s new push to buy out Manchester United, and a massive surge struck, most of which it held onto as the trading day continued.
