The breeding ground for legends from David Beckham and George Best to Eric Cantona to Christiano Ronaldo, Manchester United was what the premier league meant to millennials. Although the club was successful before Alex Ferguson's exit, its American owners the Glazers have been facing fan protests ever since they bought the club in 2005.
As Sheikh Jassim, the son of Qatar's former Prime Minister, gets closer to acquiring Manchester United, its shares jumped 30 per cent in premarket trading.
City vs United or UAE vs Qatar?
The stock price surge came after a newspaper owned by Sheikh Jassim's father Hamad bin Jassim bin Jaber al-Thani, announced that he will emerge as the winning bidder for the reds.
He has been competing against British billionaire Jim Ratcliffe to acquire the club, which is one of two clubs in Manchester alongside Manchester City owned by Abu Dhabi's Sheikh Mansour.
Oil dollars boost football stocks
The developments have triggered positive sentiment for Manchester United's stocks on the New York Stock Exchange.
As another Sheikh from the GCC eyes a European club, Paris Saint Germain is already owned by Qatari businessman Nasser Al-Khelaifi.
Saudi Prince Abdullah bin Mosaad owns Sheffield United, while a Saudi Arabia-led confederation bought Newcastle United.
