Chinese Insurance Company Dismisses Reports Claiming They're Interested in Buying Stake in Man Utd

Monday August 7th, 2017

Chinese company Ping An Insurance Group have categorically denied reports that they are interested in buying a stake in Manchester United.

The Sunday Times reported that "a mystery Chinese investor" were attempting to buy a share in the club after a split in the Glazer family.

But Ping An Insurance Group have insisted that they are not the company involved in the approach.

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"The information is false. Ping An have not been involved in any discussion on purchasing a holding in Manchester United," Ping An spokesman Sheng Ruisheng said, quoted by Goal.

"And [Ping An's Chairman and CEO] Mr. Ma Mingzhe has never owned any shares in Manchester United.

"As a listed company, Ping An release all information in official statements. Please don't believe rumours."

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According to the Times, intermediaries acting for an "unnamed Chinese billionaire" have attempted to gauge the interest of some of the club's biggest shareholders in selling out.

Talks have not yet resulted in formal discussions to sell shares but it could reportedly be only a matter of time before a stake is sold.

The Glazer family own around 80% of the United's economic interests, and there is believed to be no prospect of the club being sold in its entirety.

Approximately 8% of the club is reportedly being offered for sale by an unknown American broker.

A number of English clubs have been purchased by Chinese buyers in recent years, including West Brom, Aston Villa and Wolves.

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