English Premier League giant Manchester United plc (NYSE:MANU) is negotiating to grant exclusivity to Qatar Sheikh Jassim bin Hamad al-Thani's consortium, Reuters reported Thursday.
The publication revealed that sources told them members of the Glazer family, which own minority stakes in the club and control it due to a dual-class share structure, would cash out as part of the proposed deal to sell itself for over $6 billion.
MANU shares are up more than 8%, above the $25 per share mark at the time of writing.
The Qatari consortium and British billionaire Jim Ratcliffe's INEOS have both submitted bids for the club, but Reuters stated that the Glazers currently view the Qatari bid more favorably.
The INEOS proposal would see the Glazers keep some interest in Manchester United.
In an exclusivity period, Manchester United wouldn't be allowed to negotiate with any other bidder during the period, although Reuters are unaware how long the period would last.
The publication also stated that its sources said the situation remained fluid and a new bid from Ratcliffe could stop Sheikh Jassim from securing exclusivity.