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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Cricketer Rinku Singh's father passes away after prolonged illness
Aligarh/Noid (PTI): Indian cricketer Rinku Singh's father, Khanchand Singh, passed away at a hospital in Greater Noida early Friday following a prolonged illness, family sources said.
Dr. Sunil Kumar, spokesperson of Yatharth Hospital in Greater Noida, where the cricketer's father was admitted, said Khanchand Singh was battling liver cancer.
"His condition had deteriorated significantly in recent days, following which he had been admitted to the hospital on February 21. He was placed on ventilator support and breathed his last early this morning," Kumar said.
Due to his father's critical condition, Rinku had to return home midway through the T20 World Cup. However, he rejoined the Indian team ahead of the match against Zimbabwe on February 26. He had also recently visited Noida to meet his father.
Rinku's former coach, Masood Amini, told PTI Videos in Aligarh that Khanchand Singh had been battling advanced-stage liver cancer and was in the terminal phase of the illness.
"He had been unwell for quite some time. He was suffering from liver cancer. For the past three to four days, he was on ventilator support," Amini said.
Amini said Rinku's father worked tirelessly to support his family and educate his children.
"He started out working as a gas cylinder delivery man and worked very hard to raise his family," he said.
The 28-year-old cricketer, a resident of Aligarh district in Uttar Pradesh, credits much of his success to his father. Khanchand Singh, who worked in gas cylinder distribution in Aligarh, supported his son's dream of becoming a cricketer despitefacing financial hardships.
The family said Khanchand Singh's last rites will be performed in Aligarh, and Rinku will attend the funeral.
