Manchester United's share price rose to $25.42 (£22.48) on Thursday morning amid reports that the takeover deadline has been extended to today.
The initial deadline for bids to be received by the Glazers was Wednesday, March 22 at 9pm. However, it was widely reported that the two publicly interested parties Sir Jim Ratcliffe and Sheikh Jassim had not submitted their proposals before this point.
While this had caused panic among some sections of the United fanbase, it is understood that both men have been handed an extension and that their proposals will be submitted on Thursday. At this stage, the exact figure of the bids is unknown but they are thought to be around the £5bn mark.
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On Tuesday, the share price went up by six per cent to $24.02 (£19.56). According to Harry Leyburn of investment platform Saxo, this was due to a number of on and off field factors.
He explained: "Manchester United's share price reached $24.02 (£19.56) on Tuesday, rising 6 per cent from $22.71 (£18.49) at the start of the week. Last Monday, the company's stock hit its lowest point in 2023 at $19.72 (£16.09), however, in booking a place at Wembley in the FA Cup on the field combined with more speculation around the acquisition of the club off the field has helped boost its price in recent days.
"Yesterday [Tuesday], it was reported that there could be as many as eight bids officially submitted before Wednesday’s 9pm deadline. This could see the Glazers receive what would be world record offers if in the ballpark of the reported asking price of £6bn.
"If the deal were to go through in the upcoming months and ahead of the start of the 2023/2024 season, this could open the floodgates for United to spend heavily in the summer with the 13-time Premier League champions still looking to win their first title in 10 years."
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