Manchester United shares ended Tuesday’s session up more than 7%, boosted by the U.K.-based football club’s narrow third-quarter adjusted losses and raised outlook.
Lifted by the results, shares of operator Manchester United Ltd.
MANU,
closed up 7.4% at $24, their highest closing price since June 15.
However, the protracted takeover battle for the iconic club is in its eighth month. Sheikh Jassim, the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar, and Sir Jim Ratcliffe, the chief executive of the chemical giant Ineos, have made rival bids for Manchester United.
Related: Manchester United stock rises after losses narrow, revenue rises and full-year outlook raised
The American Glazer family took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment in, or an outright sale of, the Premier League club.
“The team is well-known and should continue to perform at a high level over the LT,” wrote Jefferies analyst Randal Konik, in a note Tuesday. “Monetization opportunities should increase, and company margins should remain healthy.”
However, Konik said that, at this point, Manchester United’s shares are largely tied to a potential transaction, rather than fundamentals.
Related: Manchester United shares jump on report Qatar’s Sheikh Jassim to be named preferred bidder
The Glazers have come under intense pressure to sell Manchester United amid ongoing fan frustration over what is seen as underperformance. The club, one of the biggest names in world football, last won the Premier League in 2013. In 2021, the Glazers faced major backlash from fans over the team’s planned involvement in the controversial European Super League.
The club’s fans are keen to see the takeover issue resolved. On Tuesday, a group of fans staged a protest outside the megastore at Manchester United’s Old Trafford stadium.
This story originally appeared on Marketwatch
