Manchester United shares fell as much as 23% on Monday after reports from the British billionaire Jim Ratcliffe only wants to acquire a 25% stake in the football club. Jassim bin Hamad al Thani could be off the table.
Shares last fell 10.5% to $17.88 in premarket trading. If losses continue, they could reach the lowest level in more than four months.
Ineos chairman Jim Ratcliffe would pay more than $1.5 billion for his stake in Manchester United if his bid for the football club is accepted by the board. Glazer family that runs it, Reuters reported on Sunday, citing a person familiar with the matter.
Ratcliffe’s bid takes the club’s valuation to almost $6.5 billion, excluding net debt of more than $600 million, the report said, ahead of a rival bid from Qatar’s Jassim for 100% of the Premier League club.
“Investors are clearly disappointed at expectations that the Qatar deal for Manchester United will not go ahead,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
“Expectations for a flood of new funding into Man U’s coffers for a new stadium and new players are being revised.”
A large number of fans have called for a change of ownership as the Glazers have seen a significant decline in the club’s fortunes, with the club winning only the last of their twenty top-flight titles.
Jassim informed the Glazer family a few days ago that he will not increase his bid of more than $6 billion for Manchester United, which had a market capitalization of $3.26 billion at Friday’s close.
Although the stock is trading higher than in November 2022, when the Glazer family announced a possible sale or new investment in the club, it is down about 14% this year without a final agreement being reached.
Shares last fell 10.5% to $17.88 in premarket trading. If losses continue, they could reach the lowest level in more than four months.
Ineos chairman Jim Ratcliffe would pay more than $1.5 billion for his stake in Manchester United if his bid for the football club is accepted by the board. Glazer family that runs it, Reuters reported on Sunday, citing a person familiar with the matter.
Ratcliffe’s bid takes the club’s valuation to almost $6.5 billion, excluding net debt of more than $600 million, the report said, ahead of a rival bid from Qatar’s Jassim for 100% of the Premier League club.
“Investors are clearly disappointed at expectations that the Qatar deal for Manchester United will not go ahead,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
“Expectations for a flood of new funding into Man U’s coffers for a new stadium and new players are being revised.”
A large number of fans have called for a change of ownership as the Glazers have seen a significant decline in the club’s fortunes, with the club winning only the last of their twenty top-flight titles.
Jassim informed the Glazer family a few days ago that he will not increase his bid of more than $6 billion for Manchester United, which had a market capitalization of $3.26 billion at Friday’s close.
Although the stock is trading higher than in November 2022, when the Glazer family announced a possible sale or new investment in the club, it is down about 14% this year without a final agreement being reached.
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