Manchester United Plc (NYSE:MANU) witnessed a remarkable plunge in its shares on Tuesday, triggered by growing uncertainty surrounding the club’s potential sale. The decline was prompted by a report published in the Mail On Sunday, indicating that the Glazer family intends to withdraw the club from the market due to the absence of offers that meet their desired price.
The Premier League team’s shares plummeted by an astounding 21%, marking the most substantial drop in the 11 years since it became a publicly traded entity. This downturn resulted in a staggering reduction of approximately $700 million in the club’s market capitalization. At the last closing, Manchester United had been valued at $3.9 billion.
According to the newspaper, an undisclosed source with deep-rooted connections to the Glazers suggested that the family might consider revisiting the idea of selling the club in 2025, anticipating more favorable conditions that could attract a broader pool of potential buyers. When approached for comment, a spokesperson for Manchester United opted not to address the speculations, categorizing them as “rumors and speculation,” in correspondence with Bloomberg.
The club has drawn interest from various quarters, including Sheikh Jassim Bin Hamad J.J. Al Thani, a member of Qatar’s royal family, and Jim Ratcliffe, the head of Ineos. Both parties have submitted offers to acquire Manchester United from the Glazers, who have maintained ownership of the club since 2005.
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