Manchester United's stock price surged Tuesday after state-run media in Qatar hinted that the oil-rich Middle-Eastern country was poised to buy the soccer giant, ending a seven-month takeover battle.

Shares jumped up to 30% ahead of the opening bell before paring back some of those gains, and were up 12% to just over $22 at 10 a.m. Eastern Time.

Those gains came after Qatari newspaper Al-Watan said on Twitter that "the success of Sheikh Jassim bin Hamad bin Jassim's acquisition" of Manchester United would be announced soon.

The publication is owned by Sheikh Jassim's father, former Prime Minister Sheikh Hamad bin Khalifa Al Thani.

United's American owners, the Glazer family, have been trying to sell the 20-time English champions since November 2022.

Sheikh Jassim and British billionaire Sir Jim Ratcliffe have since emerged as the two frontrunners to buy the club.

In April, Bloomberg reported that the Qatari Sheikh had made a final bid of around 5 billion pounds ($6.3 billion) to buy United from the Glazers outright – which would be the most anybody has ever paid for a sports franchise.

Meanwhile, Ratcliffe – who is the founder of chemicals giant Ineos and the UK's richest man – has bid for a 60% stake in the club, according to multiple reports.

Manchester United did not immediately respond to Insider's request for comment.