Manchester United Football Club draws takeover interest from Saudi Prince, says The Sun
Rumors are swirling in the London tabloids that Crown Prince Mohammad bin Salman of Saudi Arabia -whose family reportedly maintains a net worth of some £850bn – is keen to either take a stake or buy Manchester United (NYSE:MANU) from the Glazer family, per a report in The Sun.
Such a move would allow the Saudi prince to compete socially on the European football front with wealthy investors from neighboring countries. Qatar Sports owns Paris Saint-Germain while Manchester City is owned by Mansour bin Zayed Al Nahyan, a member of the royal family of Abu Dhabi.
READ: Manchester United sees 2018-19 revenue at record levels boosted by new UEFA broadcasting revenue distribution
The soccer club expects its 2018-2019 revenue to rise to record levels boosted by a new broadcasting revenue distribution system from UEFA, the European football body, coming into effect.
The New York-listed Premier League football club- owned by the Glazer family since 2005 – said revenue is expected to be between £615mln and £630mln for the year to June 2019.
UEFA, the European football body, switched to a new revenue distribution system in June 2018, under which €2.5bn will be distributed among clubs participating in the Champions League, Europa League and Super Cup competitions, up from €1.72bn in the 2017-18 season.
Manchester United shares jumped 6.8% to $22.69 in Monday’s afternoon trading session.
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors