MANCHESTER United plc shares surged in premarket trading after a tweet from a Qatari newspaper spurred speculation that the Premier League football club is closer to being sold.

The stock soared as much as 31% in early premarket trading, before paring gains to 16%.

Al-Watan’s tweet referred to “press reports” that a bid for the club from Qatari businessman Sheikh Jassim was a “success.” It didn’t identify the reports.

The tweet was published at 9:41pm Qatar time on Monday and went on to be cited by international newspapers such as the Daily Mail.

Both Qatari officials and Manchester United were unavailable to comment on the bidding process.

Sheikh Jassim and Ineos head Jim Ratcliffe are battling for control of Manchester United, which is currently owned by the Glazer family. Earlier this month, Jassim submitted his fifth and final bid for club.

As of last close, the company was valued at US$3.28 billion and if premarket gains hold it’s poised to add US$535 million to its market capitalisation, according to data compiled by Bloomberg.