(MANU) – Why Manchester United Stock Jumped 7% On Tuesday

Manchester United Ltd MANU shares traded higher Tuesday amid continued talks of a potential sale. New reports suggest that it would take about £3.75 billion ($4.32 billion) to purchase the English football club from the Glazer family.

What To Know: Takeover speculation began after Tesla Inc TSLA CEO Elon Musk jokingly said he would buy the football club on Twitter last month.

“Also, I’m buying Manchester United ur welcome,” Musk said via tweet at the time.

A couple hours after the tweet made headlines leading to speculation about a potential acquisition, the Tesla CEO clarified that he was joking, however, takeover talks continue to circle the name.

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According to a Sports Illustrated report citing the Daily Mail, “around £3.75billion would be enough to prise Manchester United from the Glazer family.”

Reports further suggest that a sovereign wealth fund like Dubai may be interested in buying the team. 

“The purchase of Manchester United is well within the range of a sovereign wealth fund such as Dubai, which is yet to follow Abu Dhabi (Man City) and Saudi Arabia (Newcastle) in adding a top-flight club to its portfolio. The Emirate is rumoured be a CONTENDER.”

MANU Price Action: Manchester United has a 52-week high of $15.05 and a 52-week low of $10.41.

The stock closed Tuesday up 7.28% at $14.45.

Photo: Paul from Flickr.

Image and article originally from www.benzinga.com. Read the original article here.