Manchester United Stock Soars as Ineos Group Nears Minority Deal

Shares of Manchester United Ltd. (MANU) experienced an impressive rise of 8.5% in premarket trading on Friday, following reports that British billionaire Sir Jim Ratcliffe's Ineos Group is on the verge of securing a minority deal with the club. This surge in stock value adds to the already substantial 21% increase seen throughout 2023, surpassing the growth of the S&P 500 index.

Ineos Sport's Potential Acquisition

According to Sky News, Ineos Sport is expected to announce a deal to purchase a 25% stake in Manchester United, at a rate of $33 per share. This acquisition would include both A-listed and B-listed shares, granting greater voting rights, which are currently exclusively held by the club's owners, the Glazer family based in Florida.

Finalizing the Deal

The Glazers are eager to finalize the agreement before the upcoming U.S. Thanksgiving holiday next Thursday. While initial reports suggest that the deal may be announced on Monday, there is a possibility of a slight delay.

A Battle for Control

Previously, Sir Jim Ratcliffe had engaged in a takeover battle with Qatar's Sheikh Jassim in an attempt to gain control of Manchester United from the Glazer family, who have owned the club since 2005. In September, Ratcliffe restructured his bid in hopes of breaking the deadlock.

Reshaping the Leadership

Manchester United CEO Richard Arnold has recently stepped down, as announced by the club on Wednesday. In his absence, Patrick Stewart, the General Counsel, will serve as interim CEO until a suitable permanent replacement is found. The club has already initiated a search process to fill this position.

Looking Ahead

As Manchester United prepares for their next game against Everton on November 26th, they currently hold the sixth position in the Premier League standings for this season.