Manchester United's share price rose by more than 17 per cent after rumours of a takeover resolution emerged on Monday night.
According to reports in Qatar, Sheikh Jassim bin Hamad Al Thani has been successful with his bid to purchase the club from current owners the Glazers, beating competition from INEOS chief Sir Jim Ratcliffe. United are yet to comment on the speculation.
Both Sheikh Jassim and Ratcliffe have submitted several bids for United, with the Qatari banker tabling an improved offer in recent days. United are expected to provide an update on the takeover saga, which started seven months ago, in the coming days.
United's share price rose to $23.60 after rumours of Sheikh Jassim's success emerged. That figure stood at around $20 before the rumours emerged. To add further context, United's share price was around $12 before the Glazers put the club up for sale in November.
Qatar outlet Al-Watan claims Sheikh Jassim has been successful in his bid to buy United and a formal announcement will be made shortly. Al-Watan is co-owned by Hamad bin Jassim bin Jaber Al Thani, Qatar's former prime minister and Sheikh Jassim's dad.
If Sheikh Jassim's bid is successful, he will then enter a period of exclusivity to finalise the deal. He will then need to pass the Premier League's owners' and directors' test. It could still take a number of months for a takeover to be completed.
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It's believed Sheikh Jassim has submitted a final bid of around £5billion for a 100 per cent stake in United, with a further £1bn of investment promised. Old Trafford and the club's Carrington training ground are both in need of renovation.
Ratcliffe's proposal is for a controlling share in United, thought to be around 60 per cent, and would see Joel and Avram Glazer remain on board. The two Glazers are unpopular among United fans but still want to remain involved at Old Trafford.
The uncertainty surrounding United could have impact on Erik ten Hag's plans, with the manager unlikely to be handed a huge transfer budget by the Glazers. Ten Hag recently admitted he doesn't know how much money he will have to spend this summer.
When asked whether he knows about United's transfer budget, Ten Hag told reporters: "No, I don’t have an influence on that... the only thing I know is that Man Utd is one of the biggest clubs in the world, one of the biggest two or three from a fanbase perspective.
"The club has to compete for the highest in the world - the Champions League and Premier League. But in football, you need funds to construct squads because, at the end of the day, the level of your players decides if you are successful or not.
"Everyone knows you need funds to construct a squad and high-level players cost a lot of money. That’s the situation nowadays in top football. I think it’s clear what I want, but it’s not up to me. It’s about others in this club."
