The value of Manchester United has plummeted by more than £500 million amid growing uncertainty over the future ownership of the club.
Seemingly prompted by recent claims that the Glazer family may take the club off the market, United’s share price on the New York Stock Exchange at one stage dropped by 21 per cent on Tuesday. The shares closed down 18.2 per cent, valuing the business at $3.2 billion (£2.55 billion). It was the biggest fall in the stock since it went public in August 2012. The previous biggest one-day drop was on March 11, 2022, when it fell nearly 14 per cent.
United have been for sale since last November, with Sir Jim Ratcliffe and Ineos emerging as favourites to complete a £5 billion takeover alongside a Qatari consortium led by Sheikh Jassim bin Hamad al-Thani.
As recently as last weekend, sources close to the sales process insisted Raine, the New York bank commissioned by the Glazers to sell the Premier League side, was still working to secure a deal for their clients.
At the same time, the two main bidders have not been informed that United is no longer available. Indeed, there was contact between the relevant parties last week.
Advertisement
After ten months, there is no doubt that the main bidders are becoming exasperated by the delays to the completion of any sale.
In the case of the Ratcliffe proposal, a deal which has been focused principally on first acquiring the Glazers’ 67 per cent stake ahead of a full takeover, there have been legal complications that have needed to be resolved.
