New York bank Raine Group is advising Manchester United’s owners, the US-based Glazer family. Shares in Manchester United rose as much as 5.3% in early trading in New York on Monday.

Manchester United has been the subject of increasing takeover speculation since the summer, when Bloomberg News reported the Glazer family was open to selling a stake. So far, only British billionaire Jim Ratcliffe has officially declared his interest and is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a potential offer.

Bloomberg News reported in January that state-backed Qatari investors were weighing an investment in Manchester United.

Qatar Sports Investments, a separate entity to QIA, already owns French super-club Paris Saint-Germain FC. Regulations from European football’s governing body, UEFA, state that teams with the same majority owner can’t both compete in the region’s major tournaments, including the showpiece Champions League. QSI chairman Nasser Al-Khelaifi is also a member of the UEFA Executive Committee that adopts its regulations.

It is not unprecedented for an owner to field two clubs in the same European competition. FC Red Bull Salzburg and RB Leipzig met each other in UEFA’s Europa League in 2018 after they showed there was clear separation between the two teams, despite both being part of the Red Bull GmbH group.

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Sheikh Tamim bin Hamad Al Thani, the ruling emir of Qatar, is a Manchester United fan and unlikely to want to let slip the chance to own what is widely regarded as one of the world’s biggest sports brands.

Deliberations are ongoing and no final decisions have been taken about which Qatari entities will ultimately provide capital for the Manchester United bid, the people said. A spokesperson for QIA declined to comment, while a representative for QSI wasn’t immediately available for comment.

Adam Sommerfeld, a sport investment specialist at Certus Capital, has estimated that any offer for Manchester United would need to exceed £4 billion ($4.8 billion) to be successful. That would make it one of the largest ever deals involving a sporting franchise.

Qatar spent more than $200 billion during the past decade redeveloping the country’s infrastructure to host the FIFA World Cup. Alongside building new stadiums and entire municipalities, it also bought sports assets. As well as the takeover of PSG, QSI has a stake Portuguese football club SC Braga.