Manchester United's share price sky-rocketed to a peak of $26.56 on Thursday afternoon after reports seemed to suggest the Glazers had selected Sheikh Jassim bin Hamad al-Thani as a preferred bidder.
A report from Reuters claimed the Glazers were 'negotiating granting exclusivity' to the consortium led by Sheikh Jassim, which many interpreted as the Qatari billionaire being confirmed as the preferred bidder.
The news came shortly after confirmation that Sheikh Jassim's Nine Two Holdings Limited had been certified as a UK company by Companies House, with the banker as a director and an address registered in London.
Those two developments combined to send United's share price through the roof, peaking at $26.56 by 3.50pm - around the time that the Reuters report was published.
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At 2.45pm - just over one hour before its peak - shares were at $23.03, with the rapid increase of $3.53 in that hour forcing a stock halt which essentially blocked trading of shares.
Shortly after the report and subsequent peak, numerous journalists contacted sources involved in the process and were told that no progress had been made regarding a preferred bidder.
The news caused a slight fall in share price, closing the day at $24.88, although that is still far higher than the $23.78 at opening time on Thursday.
Reports late on Thursday claimed that the Glazer family could still technically be in charge when United host Wolverhampton Wanderers on August 14, due to the lengthy process in approving a preferred bidder. However Erik ten Hag's transfer budget - believed to be around £120million plus money generated from player sales - is not expected to be affected.
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