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Manchester United Surges On Report Of 'Mammoth Takeover' Rumor

Manchester United Surges On Report Of 'Mammoth Takeover' Rumor
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Chinese investment takeover of the English Premier league may continue.

Manchester United PLC (NYSE: MANU) shares were trading higher Monday after a rumors swirling regarding a “mystery” Chinese billionaire inquiring about taking a stake in the franchise.

“The talks have not yet resulted in formal discussions to sell a block of shares, sources said, but a confluence of forces suggests it is only a matter of time before a sizable stake changes hands,” said U.K.’s The Times.

Premier League teams with Chinese investor backing is nothing new. Southampton, Aston Villa, West Bromwich Albion, Birmingham City and Wolver Hampton all have notable Chinese investors.

Currently, Malcolm Glazer owns an 80-percent stake in Manchester United. Glazer is also the primary owner of NFL franchise Tampa Bay Buccaneers.

While the reports have not been confirmed, it has been suggested that a sale would result in a Mammoth Deal, according to the Daily Express.

Chinese firm Ping An Insurance Group denied rumors that they were the mystery investor interested in taking a stake in ManU.

"The information is false. Ping An have not been involved in any discussion on purchasing a holding in Manchester United," Ping An spokesman Sheng Rui Sheng said via the 21st Century Business Herald.

Last year, Chinese entrepreneur Guochuan Lai bought West Bromwich Albion and Aston Villa was acquired by Tony Xia.

Shares of Manchester United were up over 3 percent Monday.

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