Manchester United PLC (NYSE: MANU) shares are rising after a report that petrochemical magnate Jim Ratcliffe is on the verge of securing a 25% stake in the football club.
What Happened: After extended negotiations, the parties have reportedly agreed on a price of approximately $33 per share — a 75% premium over the club's recent closing price on the New York Stock Exchange.
The football club is valued at around $3.04 billion, according to Sky News.
The deal's finalization, although still under negotiation, could mark a significant turn in the sports and business world, namely for the Glazer family, which has controlled the club for the last 18 years.
The Glazers aim to conclude the agreement ...