Emotions run high, all around, in the MUFC Takeover saga. Sentiment is so strong that shares of Man United keep soaring on Wednesday, simply due to some “reports,” which were later discredited, of a Qatari buyout.
Sheik Jassim bin Hamad al Thani, an extremely wealthy Qatari banker, is leading the only bid out there to buy the club in full from the current owners, the Glazer family. While other investors are still in the running, no one else is offering a 100% purchase, and because of that, Sheik Jassim is the overwhelming favorite among United supporters.
If/when he closes the deal finally, it would send Man United fans online into a joyous frenzy. Take yesterday as an example, as unfounded rumors of a done deal made #QatarIn and #QatarInAtManchesterUnited trend worldwide on social media.
Shares of Man United (NYSE: MANU) are currently up, about 20%, with the latest price quote being $22.95 per share. That’s just off yesterday’s high, of $23.48, a huge percentage surge up from Monday’s low of $19.16. So what exactly caused this stir?
Who first “reported” that a deal was done?
According to the Daily Mail it, “appears to have originated from a Twitter account, said to be located in Wales, that predominantly advertises illegal streaming of football matches. 2sporttv, an account with less than 300 followers, soon saw the post, exclaiming the Qatari offer was a done deal, gain traction. It would later be promoted by Al-Watan and its editor.”
Al Watan is a prominent Qatari newspaper, and their endorsing of this low level huckster and internet pirate, gave his claims credibility. So in other words, everyone who believed the long-running MUFC takeover saga was over, with Sheik Jassim triumphing over Sir Jim Ratcliffe, was had.
It was all a ruse, and hey, this is why they call it the summer silly season. This is far from the first time that news headlines have directed the price of Man United stock. In mid-April, news of the Glazers staying on tanked the price of the stock.
Man United stock has a market capitalization of $3.72 billion. Its 52 week spread is $10.41-$27.34.
Paul M. Banks is the owner/manager of The Sports Bank. He’s also the author of “Transatlantic Passage: How the English Premier League Redefined Soccer in America,” and “No, I Can’t Get You Free Tickets: Lessons Learned From a Life in the Sports Media Industry.”
He’s written for numerous publications, including the New York Daily News, Sports Illustrated and the Chicago Tribune. He regularly appears on NTD News and WGN News Now. Follow the website on Twitter and Instagram.