Manchester United Ltd (NYSE:MANU) shares traded higher Tuesday amid continued talks of a potential sale. New reports suggest that it would take about £3.75 billion ($4.32 billion) to purchase the English football club from the Glazer family.
What To Know: Takeover speculation began after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk jokingly said he would buy the football club on Twitter last month.
“Also, I’m buying Manchester United ur welcome,” Musk said via tweet at the time.
A couple hours after the tweet made headlines leading to speculation about a potential acquisition, the Tesla CEO clarified that he was joking, however, takeover talks continue to circle the name.
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According to a Sports Illustrated report citing the Daily Mail, “around £3.75billion would be enough to prise Manchester United from the Glazer family.”
Reports further suggest that a sovereign wealth fund like Dubai may be interested in buying the team.
“The purchase of Manchester United is well within the range of a sovereign wealth fund such as Dubai, which is yet to follow Abu Dhabi (Man City) and Saudi Arabia (Newcastle) in adding a top-flight club to its portfolio. The Emirate is rumoured be a CONTENDER.”
MANU Price Action: Manchester United has a 52-week high of $15.05 and a 52-week low of $10.41.
The stock closed Tuesday up 7.28% at $14.45.
Photo: Paul from Flickr.
