The Glazer family, owners of Manchester United, is reportedly nearing the completion of a deal with British billionaire Jim Ratcliffe, where he would acquire a 25% stake in the club at $33 per share, as per Sky News on Friday.
This proposed deal reflects a premium of 79.1% compared to Thursday’s closing stock price of $18.43, giving Manchester United an approximate market capitalization of $3 billion.
The US-listed shares surged by 8.1% to $19.90 in premarket trading. If accepted, Ratcliffe’s stake would be valued at $1.36 billion, based on a Reuters calculation.
As of now, Manchester United has not provided a response to Reuters’ request for comment. Ratcliffe, also the chair of Ineos, a petrochemicals firm, is expected to pay over $1.5 billion for the 25% stake in United.
The Glazer family, known for their success in real estate, retail, and healthcare, acquired the club in 2005 for £790 million. The family, controlling 96% of Manchester United’s voting stock, announced last year that they were exploring various options for the club, including new investments or a potential sale.
While the deal is yet to be finalised and remains under negotiation, Sky News reported the progress on Friday.
Earlier in the week, Manchester United announced the departure of CEO Richard Arnold, with Patrick Stewart, the general counsel and board director, stepping in as interim CEO.