Manchester United shares soared Tuesday following a Sky News report the UK soccer club may be put up for sale.
The American family that owns the team is preparing to announce it's exploring financial options for the Old Trafford team.
Manchester United earlier Tuesday parted ways with famed forward Cristiano Ronaldo.
Shares of Manchester United jumped to a two-month high Tuesday after a news report said the UK soccer club may be put up for sale by the family that's owned the team for 17 years.
The Glazer family is preparing to announce its plan to consider outside sources of investment, a move that could include an auction of the team, Sky News reported, citing unnamed sources.
Man United shares, listed on the New York Stock Exchange, shot up as much as 18% during afternoon trade following a brief trading halt. The price hit an intraday high of $15.38, breaking above $15 for the first time since September 12.
The American owners of Man United have instructed investment bankers to advise on the process, which is likely to include a full or partial sale or a strategic partnership with third parties, the report said.
If a sale were to take place, the Glazer family, which also owns the Tampa Bay Buccaneers, would be offloading one of the world's most high-profile soccer clubs. The team, based at Old Trafford stadium in Greater Manchester, hasn't won the Premier League title since 2013. A number of managers have run the club since the 2013 retirement of Sir Alex Ferguson after 26 seasons.
Earlier Tuesday, Man United said it has parted ways with Cristiano Ronaldo by "mutual agreement," after the 37-year-old superstar made negative comments about the team in an interview with British broadcaster Piers Morgan, prompting a lawsuit from Man United for alleged breach of contract.
Ronaldo rejoined Man United last year, which was 12 years after he first departed to play for Real Madrid.