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Revealed: Man United suffer record-breaking £600m blow after takeover twist
The market value of Man United plummeted over £600million on Tuesday, Football Insider understands.
Following reports this weekend that the Glazer family had taken the club off the market, the Red Devils suffered the worst stock market drop in club history.
When trading closed on Tuesday (5 September), United’s share price on the New York Stock Exchange had plummeted to $19.35.
It had previously dropped as low as $18.83 earlier that day, meaning the share price dropped over 18 per cent over a 24-hour period.
At the start of the month, United’s share price was $23.66, meaning the club lost over $600million in value due to Tuesday’s dip.
It marked the biggest sell-off in United’s market history since they began trading on the NYSE in 2012.
United’s stocks have fluctuated this year as investors react to updates and developments around the club’s takeover since it was announced that external investment would be considered in November.
The club have received two significant offers from Sir Jim Ratcliffe and Sheikh Jassim, but the Glazers appear to be holding out for bids that value the club closer to $10billion.
Despite facing pressure to sell the club from fans, pundits and ex-players, it is understood that the Glazer family have always considered retaining their majority stake in the club as an option during takeover talks.
Across the six Glazer siblings, the family currently owns a 69 per cent stake in the club following their £790million takeover in 2005.
In other news, Kieran Maguire: ‘Man United are now worth £10billion’ – ‘formal announcement’ possible soon