Man Utd's Shares Skyrocket After Reports of Sheikh Jassim's Takeover

The value of Manchester United's shares has increased following the reports of the success of Sheikh Jassim bin Hamad Al Thani's takeover of the English football club.

According to the New York Stock Exchange, the share value increased from $19.20 on Jun. 12 to $22.36 on the evening of Jun. 13, when the shares were initially launched at $18 at the beginning of June. 

The increase to over $22 is the shares' highest price of the month. 

The escalation in value occurred after the circulation of reports that Sheikh Jassim has won the bid for the football club, however, no official announcement has been made. 

Sheikh Jassim's final offer for the club included clearing the debt of the English Premier League club, which amounts to almost one billion pounds. 

The Qatari banker's only competitor is the British billionaire Sir Jim Ratcliffe.