Man United shares rise amid reported Saudi buyout bid

MANCHESTER, England (AP) — Shares of Premier League club Manchester United rose sharply Thursday ahead of the deadline for takeover bids and reported interest from Saudi Arabia.

The stock closed at $26.84, up almost 10%, on the New York Stock Exchange, with potential buyers expected to submit initial offers Friday to merchant bank Raine Group, which is handling the sale for United’s current owners, the Glazer family.

With a bid also expected to come from Qatar, reports of a move from Saudi Arabia could heighten the possibility of the sale price reaching an estimated $6 billion.

Jim Ratcliffe, the British billionaire owner of petrochemicals giant INEOS, is the only contender to publicly confirm his intention to bid, but there has been increased speculation about wider interest in recent days.