A statue of George Best, Denis Law and Bobby Charlton in front of Old Trafford, home of Manchester United in Manchester, England.
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Manchester United shares rose 30% in premarket trading on Tuesday, before retracing gains after Qatari media suggested that Sheikh Yassim bin Hamad al-Thani’s takeover bid was likely to succeed.
Qatari newspaper Al-Watan reported Tuesday night that Sheikh Jassim, a son of the country’s former prime minister, is close to being announced as the Premier League football club’s preferred bidder. Al-Watan is a co-owner of Hamad bin Jassim bin Jaber al-Thani.
A Manchester United spokesman was not immediately available for comment.
Manchester United shares, which trade exclusively on the New York Stock Exchange, were up around 26% as of 4:45 a.m. ET.
The reports come after seven months of negotiations, with British petrochemical billionaire Jim Ratcliffe also in talks to buy the club.
Al-Watan newspaper’s social media account broke the news via Twitter, saying, “The success of the takeover of Sheikh Jassim bin Hamad bin Jassim” will be announced soon.
Fahad al-Emadi, editor of Al Watan newspaper, offered a similar message.
“All the news received indicates the success of Sheikh Jassim bin Hamad bin Jassim’s takeover of Manchester United and the announcement of the deal will be made very soon,” he said.
The Glazer family, the American owners of Manchester United, announced the formal sale process late last year and said in a November 22 statement that the company’s board would begin to explore “strategic alternatives” for the club.
Sheikh Jassim reportedly made an improved fifth and final offer of around $6.3 billion on June 7 for complete control of Manchester United. Ratcliffe, meanwhile, is said to be looking to acquire around 60% of the club.