Manchester United Plc's (NYSE:MANU) New York-listed shares traded higher ahead of Thursday's opening bell as a social media post by an influential Saudi Arabian official reopened speculation over a potential new takeover of the football club.
Turki Al-Sheikh, head of Saudi Arabia’s General Entertainment Authority and 'Riyadh Season', in a social media post, claimed that Manchester United was in “an advanced stage” of negotiations with a new investor.
Also in the post, published on Wednesday, he described it as “the best news I heard today” and added that he hoped any new owner would be “better than the previous ones.”
The comments came as a surprise to United insiders, according to a report by the Manchester Evening News, with the regional paper adding that it was told there had been no ongoing sale process beyond Sir Jim Ratcliffe’s 27.7% minority acquisition completed last year.
Ratcliffe’s INEOS group took control of football operations from the Glazer family in that deal, following the collapse of Sheikh Jassim bin Hamad Al Thani’s £5.5 billion full buyout offer. And, there has been no suggestion that Ratcliffe intends to sell his stake or relinquish control.
Al-Sheikh, who oversees Riyadh Season events, is separately said to have held talks with United over potential mid-season friendlies in Saudi Arabia that could reportedly earn the club up to £10 million.
In New York, Manchester United shares were up around 2.8% in Thursday's premarket exchanges, at $15.80.