Shares of English Premier League Club, Manchester United (NYSE: MANU) were on an upswing in pre-market trading on Friday amid reports that a Qatari consortium is planning to put in an opening bid of £5 billion or around $6.1 billion. Interested parties have to put in their bids today to buy the club.
The Qatari consortium includes the country’s former prime minister, Hamad bin Jassim bin Jaber Al Thani. While the consortium is considered a frontrunner for the bid for MANU, other top contenders include British billionaire Sir Jim Ratcliffe, the executive chairman of Ineos, the United States and Saudi Arabia.
There have been reports that Ratcliffe has engaged with Goldman Sachs (GS) to provide financing for the deal.
Raine, the merchant bank enlisted to sell the club, will sort through the bids after the deadline. The bank has suggested that MANU could be worth between £6 billion and £8 billion. The current owners, the Glazer family have indicated that it is seeking at least £5 billion for the club.
MANU stock has surged more than 100% in the past year.
