Manchester United’s shares experienced a substantial one-day decline, marking their most significant drop to date, following reports suggesting the team’s US owners are contemplating delisting the club from the market.
On Tuesday, the club’s shares plummeted by over 18% in New York, a stark response to the Mail on Sunday’s claim that no potential buyer has met the club’s asking price.
The Glazer family, based in the US, had previously announced in November that they were exploring “strategic alternatives” for the Premier League club, including the possibility of selling it.
According to the Mail on Sunday, the co-chairmen of Manchester United, Joel and Avram Glazer, are reportedly seeking an offer of £10 billion.
However, prospective bidders Sheikh Jassim of Qatar and British billionaire Sir Jim Ratcliffe have not come close to meeting this valuation, the paper noted.
READ ALSO: Tribunal dismisses petition seeking Tinubu, Shettima’s disqualification
It cited an insider with deep connections to the club’s owners, suggesting that the Glazer family might revisit the idea of selling the team next year in the hopes of attracting more suitors.
The sharp decline in share prices on Tuesday resulted in a loss of approximately $700 million (£556 million) in Manchester United’s stock market valuation.
The club is presently valued at around $3.2 billion. The Glazer family originally acquired Manchester United in 2005 for $790 million.
Despite their long-standing ownership, the Glazer family has faced considerable opposition from certain fans who accuse them of burdening the club with debt while failing to make sufficient investments.
READ ALSO: UNILAG Student Protest Dispersed by Police Tear Gas
Since their takeover, the club has expended over £1 billion on interest, loan payments, and share dividends, the majority of which have benefitted the Glazer family.
However, it’s worth noting that the club has also spent approximately 1.36 billion euros (£1.18 billion) on player transfers under the Glazers’ ownership.
In the past month, the 1958 Group, composed of fans advocating for the removal of the Glazer family from the club, staged a protest at Old Trafford, underscoring their continued opposition to the family’s ownership.
