Revealed: Man United handed mega-money Qatar boost after takeover twist -'announcement of deal soon'
The stock market value of Man United rose by £270million in 48 hours after reports of a Qatar takeover being completed.
The Red Devils are listed for trading on the New York Stock Exchange and they experienced a huge fluctuation in value after reports from Qatar claimed that Sheikh Jassim had completed a takeover of the club.
On Monday (12 June), Qatari news site Al Watan tweeted that Sheikh Jassim’s acquisition of Man United was a “success” with an “announcement of the deal soon”.
The report quickly spread throughout social media and its effects were visible in the value of United’s stocks.
After the reports emerged, United’s stock value rose nearly 20 per cent to a value of $22.96 (£18.15).
Overall, the increase in stock value added around $340million (£270million) to United’s market capitalisation.
United’s stock value reached an all-time high of $27.34 in February 2023 after the bidding process for the club’s takeover began.
The Athletic have questioned the validity of Al Watan’s tweet, but the stock value of United has stayed at $22.50 (£17.79) as of Wednesday (14 June).
It was announced last Thursday (8 June) that Sheikh Jassim submitted a fifth bid for the Premier League club in a last-gasp attempt to beat Sir Jim Ratcliffe to a takeover.
The Glazers are yet to finalise their takeover decision after announcing back in November that they were open to selling the club.
The market value of United will inevitably fluctuate further as the takeover saga rages on.