Manchester United is in negotiations to provide exclusivity to a consortium led by Qatar’s Sheikh Jassim bin Hamad Al Thani, in talks revolving around a potential acquisition of renowned English football club for more than $6 billion, people familiar with the matter said on Thursday.

Major Milestone for Sheikh Jassim

While a deal remains uncertain, the development represents a major milestone in the efforts of Sheikh Jassim – the son of Qatar’s former prime minister who is one of the richest men in the Gulf state – to take over the iconic sports brand.

Glazers Would Cash Out

Members of the Glazer family, which own minority stakes in Manchester United and control it thanks to a dual-class share structure, would be cashing out as part of the proposed deal, one of the sources said.

Qatari Offer Favored Over British Billionaire’s Bid

The Qatari offer is currently viewed by the Glazers more favorably than a bid from British billionaire Jim Ratcliffe, founder of chemicals producer INEOS, the sources added. Ratcliffe’s offer envisions that the Glazers would keep some interest in Manchester United.

Exclusivity for Sheikh Jassim

Manchester United would not be allowed to negotiate with any bidder other than Sheikh Jassim for the exclusivity period. It could not be learned how long this period may last. The sources cautioned that the situation remained fluid and a new bid from Ratcliffe could prevent Sheikh Jassim from securing exclusivity.

Shares of Manchester United Jump

Shares of Manchester United jumped as much as 15% on the news, and were trading up 10% at $25.53 in afternoon trading in New York on Thursday.

Potentially One of the Biggest Sports Deals Ever

A $6 billion-plus deal for Manchester United would be one of the biggest ever in the sports world, following a similarly-sized sale of the National Football League’s Washington Commanders earlier this year.

Premium to Other Soccer Deals

It would also represent a significant premium to other soccer deals. Last year, the $3.1 billion acquisition of Chelsea Football Club by an investment group led by Todd Boehly and Clearlake Capital valued it at 5.7 times revenue for its last financial year.

A sale for more than $6 billion would value Manchester United at more than 10 times last year’s annual revenue, according to Refinitiv data.

Change of Ownership Desired by Fans

Record 20-time English champions, Manchester United has over 650 million fans worldwide, according to market research firm Kantar. A large number of them have been clamoring for a change of ownership.

Glazers’ Downturn in Fortunes

That is because the Glazers have overseen a significant downturn in the club’s fortunes, with the club winning just the last of their 20 top-flight titles in former manager Alex Ferguson’s final season in charge in 2012-13.

Manchester United’s Recent Performance

Manchester United won the League Cup under Erik Ten Hag this season, but their third-place finish in the league, 14 points behind local rivals and treble winners Manchester City, underscores the scale of the turnaround required.