Manchester United shares rise amid reported Saudi buyout bid
Manchester (AP): Shares of Premier League club Manchester United rose sharply ahead of the deadline for takeover bids and reported interest from Saudi Arabia.
The stock closed at $26.84 on Thursday, up almost 10 per cent, 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.
The Telegraph reported Thursday that groups in Saudi Arabia are interested in bidding.
Friday has been described as a soft deadline before the sale process gathers pace.
The Glazers, who also own the NFL's Tampa Bay Buccaneers, announced on Nov. 21 their intention to seek outside funding. Since then, United's share price has more than doubled from $13.08 on the day of the announcement.
Saudi interest has long been speculated and latest reports come on the back of an expected bid from another Middle Eastern country, Qatar.
There could also be interest from America after a host of U.S. bidders entered the race to buy Chelsea last year.
The Glazers have repeatedly resisted attempts from United fans to drive them out since buying the club in 2005.
The possibility of partial investment as well as a full sale have been explored.
It is not known if any potential buyer is prepared to go as high as the widely estimated price of $6 billion given the extra level of investment required to redevelop Old Trafford stadium.
Raine handled the sale of Chelsea, which was bought by Todd Boehly and Clearlake Capital for $3 billion a record for a soccer team.
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Anura Dissanayake wins Sri Lanka's presidential election
Colombo (PTI): Marxist leader Anura Kumara Dissanayake on Sunday was declared winner of the Sri Lankan presidential election by the country's Election Commission after an unprecedented second round of counting of votes.
Dissanayake, 56, the leader of the Marxist Janatha Vimukthi Peramuna party's broader front National People’s Power (NPP), defeated his closest rival Sajith Premadasa of Samagi Jana Balawegaya (SJB).
Incumbent president Ranil Wickremesinghe was eliminated in the first round after he failed to become within the top two in the vote list.
NPP said Dissanayake will take oath on Monday.
Earlier, the Election Commission ordered a second round of counting after no candidate secured over 50 per cent votes needed to be declared the winner of Saturday's election.
Dissanayake will be the country's 9th president.
No election in Sri Lanka has ever progressed to the second round of counting, as single candidates have always emerged as clear winners based on first-preference votes.
