Investing.com -- Shares in Manchester United Ltd (NYSE: MANU) surged in premarket U.S. trading on Tuesday on speculation surrounding a bid from Qatar's Sheikh Jassim bin Hamad al-Thani for the famous soccer club.

The Al-Watan newspaper in Qatar tweeted on Monday that "press reports" have suggested that Sheikh Jassim's offer was a "success."

Sheikh Jassim, the son of a former Qatari prime minister, reportedly improved his final bid for Manchester United earlier this week, offering to buy 100% of the organization for more than £5 billion. Reuters said that the bid would also clear nearly a billion pounds of club debt and commits to a major redevelopment of the team's Old Trafford stadium.

Meanwhile, British petrochemicals billionaire Jim Ratcliffe is also reportedly taking part in negotiations to purchase around 60% of the club.

Qatari officials and Manchester United were both unavailable for comment, according to Bloomberg News.