LAGOS, Nigeria (VOICE OF NAIJA) – Manchester United’s stock price has experienced a dramatic drop of more than 18 percent, shedding over £600 million ($753 million) in value.
This significant decline occurred amidst reports suggesting that the Glazer family, the club’s owners, are reconsidering their decision to sell the club.
On Tuesday, the club’s share price on the New York Stock Exchange (NYSE) fell by 18.22 percent, plummeting from its closing price of $23.66 the previous Friday to as low as $18.83 on Tuesday, ultimately closing at $19.35. (It’s worth noting that the NYSE was closed on Monday due to Labor Day.)
The sharp decline in share price followed reports from the Mail On Sunday, indicating that the Glazers might withdraw the club from the market and abandon their plans to sell Manchester United to Qatari billionaire Sheikh Jassim Bin Hamad Al Thani.
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Sheikh Jassim had been in a bidding war with petrochemicals firm INEOS CEO Sir Jim Ratcliffe since February, with offers reaching approximately £6 billion ($7.5 billion) for the Red Devils.
Sources linked to Sheikh Jassim’s Nine Two Foundation revealed that they had not received any communication from the Glazers or the Raine Group, the organizers of the sale, since submitting their final offer in June.
This drop in share price represents the most significant decrease the club has witnessed since its initial public offering on the stock exchange in 2012.
The previous largest decline was 13.2 percent on 12 March, 2020, during the early days of the COVID-19 pandemic when the Premier League season was suspended, severely impacting the club’s commercial and matchday revenue.
Manchester United’s next match is scheduled against Brighton in the Premier League on 16 September.