Manchester United shares collapse on NYSE after rumor to stop club sale

The value of English club Manchester United on the New York Stock Exchange (NYSE) dropped by over $700 million on Tuesday following a British media report that indicated the owners had halted plans to sell the club.

The "Daily Mail" newspaper reported on Sunday that the owners of United, the Glazer family, had withdrawn the club from the market after failing to attract an offer that met the desired price.

This announcement led to an 18.22% decrease in the group's market capitalization in a single day, marking the largest drop in a single session since the club went public in 2012.

According to the British press, the two main bidders for the club, British billionaire Jim Ratcliffe, who founded the giant chemicals company Ineos, and Qatari banker Sheikh Jassem bin Hamad Al Thani, submitted offers valuing United at around £5 billion, or approximately $6.3 billion.

The Glazer family owns approximately two-thirds of the club's capital but almost all of the voting rights.

Currently, Manchester United's market value stands at $3.15 billion, which is less than half of the desired price of $7.5 billion set by the Glazer family for the club.

The football news website "90 Minutes" noted that discussions are ongoing with the aim of selling the club, citing anonymous sources close to the Glazer family and potential buyers.

The club, nicknamed the "Red Devils," was gradually purchased between 2003 and 2005 by American businessman Malcolm Glazer, who transferred his shares to his six children upon his death in 2014.

The owners announced in November 2022 that they were considering selling stakes in the three-time European champions.

The Glazers are not particularly popular with Manchester United fans, who accuse the family of burdening the club with debt during their ownership and failing to invest enough to keep the club competitive.



AFP