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- The Manchester United stock jumped as much as 18% to around $24 per share.
- The rally followed a report that a group of Qatari investors is planning to bid for full ownership of the team.
- The surge makes this the stock's largest one-day gain since November, when news that the team would be up for sale first broke.
Shares of the Manchester United stock surged Wednesday, prompted by news of a possible acquisition bid from a group of Qatari investors.
The Daily Mail reported that investors behind the bid are undisclosed financiers aiming for a full takeover of the Premier League club and that an offer could be expected in the coming days.
New York-listed shares jumped 18% in premarket trade Wednesday, marking the largest one-day gain in the past two months, but later pared gains to trade up 8.8% at $22.98.
Previously, Man United shares soared 74% over less than two weeks in November, when reports first emerged that the Glazer family — the American owners of the club — were considering a full or partial sale.
The Glazers have a mid-February deadline for a bid and set an asking price of £6 billion. In May, Premier League rival Chelsea was sold for $5.2 billion
Meanwhile, Man United continues to rake in revenue, generating nearly $751 million between 2021 and 2022.
After purchasing the club in 2005 through a £790 million deal, the Glazers' leadership of Man United has gained an unpopular reputation among fans. Under their ownership, the club had not won a Premier League title in a decade and even drew criticism from star player Cristiano Ronaldo, who has since left the team.
Considerations around selling the club are part of the family's search for outside investments.
An eventual Qatari bid would not be the only offer on the table, given British billionaire Sir Jim Ratcliffe's formal interest in acquiring the team, announced in January.