What happened

The long, drawn-out sale of English Premier League club Manchester United (MANU 1.04%) seems to be nearing an end, and if reports are to be believed, shareholders will get a payout. The excitement pushed shares of the soccer club up as much as 37% this week, according to data provided by S&P Global Market Intelligence.

So what

Manchester United is one of the best-known sports brands globally, and one of the few that is publicly traded. The team is majority owned by the Glazer family, but some of its shares trade on the New York Stock Exchange.

That could all soon change. Last fall, the Glazers reportedly hired bankers to explore options. Since then, the talk has focused on two primary bidders, with one said to be mulling buying only the Glazer stake and leaving the common shares outstanding.

But it appears the bidder who would acquire 100% of Manchester United is in the lead. This week, Reuters reported that the club is in talks to grant exclusivity to a consortium led by Qatar's Sheikh Jassim bin Hamad Al Thani after the group offered more than $6 billion.

Exact terms of the deal are not yet known, but the reports could indicate some upside from here. Even after the recent run-up in share price, Manchester United has a market capitalization of $3.8 billion, and an enterprise value (which includes debt) of $4.7 billion.

The stock is also likely being bid up on excitement from Manchester United supporters, who have grown tired of the Glazers' ownership and are eager to see a deal get over the finish line.

Now what

Investors are understandably excited, but there is good reason not to pile into the shares right now in hopes for a quick payout. For one, this is all still hearsay. For another, there are still a lot of hurdles, including U.K. government and league approvals, before a deal could close.

But it does appear that the auction is proceeding in such a way that would mean a cash-out for all holders, not just the Glazers. Investors are understandably excited about that possibility.