(UK) – Manchester United shares experienced their most significant one-day drop in history following reports that the club’s US owners plan to remove it from the market.
The club’s shares plummeted by over 18% in New York, prompted by a Mail on Sunday report stating that no potential buyer had matched the club’s asking price.
Stock value drops amid failed sale speculations
The US-based Glazer family had announced in November their consideration of selling the Premier League club and exploring “strategic alternatives.”
It was reported that the Glazers are seeking an offer of £10 billion, a figure not met by prospective bidders Sheikh Jassim of Qatar and British billionaire Sir Jim Ratcliffe.
The share price decline on Tuesday resulted in approximately $700 million (£556 million) being shaved off Manchester United’s stock market value, leaving it with an estimated worth of $3.2 billion.
The Glazer family acquired Manchester United in 2005 for $790 million but has faced criticism from some fans for loading the club with debt and not investing sufficiently in it.
Despite the financial challenges, the club has spent over £1 billion on interest, loan payments, and share dividends under the Glazers, making it one of the highest-spending clubs in terms of transfers during their ownership.
Last month, a group of fans known as the 1958 Group held a protest at Old Trafford, expressing their continued opposition to the Glazers’ ownership.
