Proactive Investors - Manchester United Ltd (NYSE:MANU) shares started higher in what’s expected to be a key week in its ongoing sales process.
Elon Musk and the Qatari royal family are among the names being linked to bids for the soccer club today, ahead of the 17 February soft deadline set by New York bankers Raine Group which is running the process on behalf of the Glazer family, United’s Florida-based owners.
Monday brought a flurry of media reports including headlines suggesting club management and board members are ‘in the dark’ about the sale process, with it deemed by the Glazers as a "family matter."
The day’s most speculative headlines meanwhile suggested Elon Musk may bid and a bid is also expected from Qatar.
It was noted in reports that any bid out of Qatar would be separate from Paris Saint-Germain and its owners Qatar Sports Investments or PSG president and QSI chairman Nasser Al-Khelaifi.
Recently, Britain’s richest man and INEOS founder Sir Jim Ratcliffe confirmed he was planning to make a bid for the club.
In New York on Monday, Manchester United shares were up US$0.50 or just over 2% trading at $23.98.
"Investors are understandably happy about the prospect of a Qatar bid being prepared to rival that of Sir Jim Ratcliffe, who is also reportedly very interested in acquiring his boyhood club," Oanda Markets analyst Craig Erlam said in a note.
"With the Glazer family reportedly demanding a high price for the club - around £5 billion - this could be the perfect outcome, alongside any other interest, as it could trigger a bidding war among people with more than just business in mind. No doubt the owners of rivals Liverpool, FSG, will have a keen eye on how the process evolves having previously indicated an interest to sell a part or all of the club. Following the sale of Chelsea to Todd Boehly last year, it would appear the seller's market has extended beyond transfers."