Reports that the Glazers are going to take Manchester United off the market have caused the club’s share price to drop by over 18 percent.
On Tuesday, the club’s value on the New York Stock Exchange experienced a sharp decline of 18.22 percent, resulting in a loss of over £600 million ($753 million), as reported by Sky Sports.
The share price, which had concluded at $23.66 the previous Friday, dipped to a low of $18.83 on Tuesday before finishing the day at $19.35 (with the NYSE being closed on Monday due to Labor Day).
Manchester United Ownership and Share Sale Crisis
The significant decline in share price occurred shortly after the Mail On Sunday reported that the Glazers intended to withdraw the club from the market and abandon their plans to sell Manchester United to Qatari billionaire Sheikh Jassim Bin Hamad Al Thani.
Sheikh Jassim had been in a bidding war with petrochemicals firm INEOS CEO Sir Jim Ratcliffe for control of the club since February, with their bids reaching approximately £6 billion ($7.5 billion) for the Red Devils.
Sources connected to Sheikh Jassim’s Nine Two Foundation have indicated that they have not received any communication from the Glazers or the Raine Group, who were overseeing the sale, since submitting their final offer in June.
The club has not witnessed such a significant share price decline since its listing on the stock exchange in 2012.
The largest decrease before that occurred on March 12, 2020, when the COVID-19 pandemic forced a halt to the Premier League season, severely impacting the club’s commercial and matchday revenue, causing a drop of 13.2 percent.
Manchester United, also known as the Red Devils, will face Brighton in their next Premier League match on September 16.