Manchester United shares fell more than 18% in New York on Tuesday, marking the biggest single-day drop in the club’s history. The steep drop came after the Mail on Sunday reported that the Glazer family, the club’s American owners, may be reassessing their plans to sell the Premier League outfit due to a lack of suitable offers.
The Glazers initially expressed an interest in selling Manchester United last November, targeting an asking price of £10bn. However, potential buyers such as Sheikh Jassim of Qatar and British billionaire Sir Jim Ratcliffe have not met the high price. A source close to the Glazer family told the paper they may revisit the idea of selling next year in the hope of attracting higher bids.
The fall in share price wiped roughly $700m (£556m) off Manchester United’s market valuation, reducing it to around $3.2bn. The Glazers acquired the club in 2005 for $790 million and have been controversial figures ever since. Critics, including a group of fans known as the 1958 Group, accuse them of saddling the club with debt while profiting from it.
Since taking over, Manchester United have incurred more than £1 billion in interest, loan payments and share dividends, most of which have gone to the Glazer family. However, the club has also allocated approximately £1.18bn (€1.36bn) to player transfers under family ownership.
The Glazers’ ownership has been a point of contention among fans, leading to protests such as last month’s at Old Trafford by the 1958 Group, who are calling for the family to step down.
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