A Qatari billionaire has reportedly won the auction for English Premier League club Manchester United (NYSE: MANU). The club's common shares are soaring as a result, up 10% on Tuesday morning.

Manchester United is perhaps one of the best-known sports brands globally, and it has an unusual ownership structure that allows supporters to control a small sliver. The team is owned by the Glazer family, but some of its shares trade on the New York Stock Exchange.

Last fall, the Glazers hired bankers to explore strategic alternatives for the club. In recent months, the focus has been on two potential bidders, with British investor Jim Ratcliffe reportedly interested in buying a controlling stake, and Middle Eastern investors interested in buying out all shareholders.

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Source Fool.com