Manchester United shares fell to a record level yesterday. This is considered to be the worst day in the previous eleven years for United’s owners. The market value fell by a whopping $690.4 million. This is being termed the reaction to the news that Glazers are not willing to sell the club as of now. By taking this decision, Glazers seemed to have made a blunder here.
The price fall was denoted as being close to 18.21%. Further reports suggest that the owners will not put the club up for sale until 2025. The market value of Manchester United is deemed to be $3.76 billion. However, the owners would only entertain offers in the region of $7.52 billion.
🚨 Manchester United shares fell by a record amount for a single day yesterday.
Over £550m was taken off the market value. The worst day in United’s 11 years as a public company as the market reacted to reports that the Glazers will not sell the club.
— Transfer News Live (@DeadlineDayLive) September 6, 2023
Lastly, it was in 2012 that the shares of United fell to a great extent on the New York Stock Exchange (NYSE). The news of Glazers not looking to sell the club could further dampen the mood around the Red Devils hierarchy and fan base, adding to their latest on-field performance and 3-1 loss against Arsenal in the Premier League.
Red Devils owners have over the years not struck a chord with the fans. Their ownership and management of the club and the issues surrounding it have not been appreciated by the fans. There have been several protests outside the stadium with fans not being gratified with the United States-based owners.
What was the most recent bid made for buying Manchester United?
According to the sources, Shiekh Jassim, belonging to Qatar, submitted a fifth bid in June 2023 to buy United. It was being termed the final offer made by him to the Glazers. The offer was signaled as being about $7.53 billion. However, the bid that was made prior to it was in the region of $6.9 billion. The bid included $1.25 billion for the club’s infrastructure purposes.
The Glazers also received interest from Sir Jim Ratcliffe, who is the founder and chairman of INEOS. While the offer by Shiekh Jassim was for a full takeover, this interest from Ratcliffe was for half of the club’s shares. Shiekh Jassim had been interested in buying out the Old Trafford club since last year. It all started when Glazers made it public that they were open to considering ways, even if they included a complete sale of the club.
However, according to the sources, even if the latest bid of Shiekh Jassim is accepted by the Glazers, it could take up to a period of one and a half to two months for the Qatari Shiekh to complete the takeover of Manchester United. It remains to be seen how things will pan out in the upcoming months.