On Tuesday, Manchester United’s valuation on the New York Stock Exchange took a huge hit after news broke that the Glazer family won’t be selling the club.
Reports surfaced that the team’s US owners will be removing Manchester United from the open market and investors reacted poorly to the news. The club’s value on the exchange lost $628 million, selling for $19.35 a share at the end of the day.
It’s the biggest percentage drop in value since Manchester United had been listed on the NYSE. The club’s shares fell by more than 18% on Tuesday and remained down after Thursday’s trading session.
Currently, Man United is trading at just 19.71 per share.
Manchester United Shares Drop 18.15% Overnight
The Glazer family will reportedly be taking the team off the market after failing to receive offers matching their asking price for the club. As a result, the shares of the Premier League team plummeted this week, falling as far as 21 percent, the most in 11 years since becoming a publicly traded company.
At the end of close on Tuesday, the Manchester United club was only valued at $3.9 billion and is suddenly worth less than every single NFL team.
Glazer Family Won’t Be Selling Manchester United
In November, the Glazer family announced that they were considering selling Manchester United and were exploring “strategic alternatives” to hand over the club to new leadership. It’s rumored that Manchester United’s co-chairmen, Joel and Avram Glazer were holding out for a £10 billion offer.
There were some serious bidders, including Sheikh Jassim of Qatar and British billionaire Sir Jim Ratcliffe. However, the pair weren’t close to offering that amount for the club.
The Glazer family may try to sell at this time again next year to attract higher bidders.
Now, that the sale of the team is off the market, the market value of the team has dropped by $700 million. The current valuation for the club is around $3.2 billion.
While the Glazer family has profited immensely from the club since buying it in 2005 for $790 million, they are looking to maximize their gains from Man U.
Many fans have accused the Glazer family of putting the club in debt and not investing enough money into the franchise. Since their takeover, the Glazer family has spent more than £1 billion on interest, loan payments, and share dividends, though many fans believe that those funds have gone back to the family.
A lot of fans want to see the Glazers out but they won’t be selling the club for less than their asking price at this point.
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