Manchester United lose over $1 billion of valuation in a day
One of the biggest sporting brands in the world has lost over a billion dollars in one day after fresh news over its sale from its maligned owners.
Manchester United shares fell by a record amount following rumours that the Glazer family are going to take the club off the market.
The club has been trading on the stock market since 2012 and the latest falls make it the worst day for Man United’s shares in its 11 years as a public company.
Shares for the Old Trafford outfit fell by a whopping 21 per cent after the news broke that the Glazers may not sell, before bouncing back slightly to end 18 per cent down.
The changes saw the club’s market cap fall by an unbelievable £550 million ($A1.08 billion) — leaving the club’s current market value at around £3.3 billion ($A6.5b).
The new valuation is a far cry from the rumoured asking price that has been set by the Glazer family during their negotiations to sell.
It is claimed that the Glazers want close to £10 billion ($A19.7b) in order to sell the Red Devils.
They had been trying to sell the club since November, but despite long negotiations with potential buyers Sheikh Jassim and Sir Jim Ratcliffe neither have met their valuation.
According to the Daily Mail this has led to the long-loathed owners taking the club off the market in hopes of a future sale instead.
It is said they will be looking to re-list United for sale in 2025 when they anticipate that “environmental and financial factors may attract more bidders”.
There has been longstanding issues between the American owners and the Man United fanbase who haven’t seen eye-to-eye over the course of their 18-year ownership.
Fans of the Manchester giants held a sit-in protest a couple weeks a go in the hopes of forcing through a sale.
It is just one of many protests that fans have staged in order to put pressure on the Glazers to leave the club alone.
Ex-Man United legend Gary Neville has also weighed in on the ongoing saga and has slammed the Glazer family for their approach to the sale.
On X (Formerly Twitter), he wrote: “I don’t believe the Glazers not selling/doing anything story. They have to do something.
More Coverage
“They’ve run out of money and the financial situation is desperate. They need investment in. They’re also having a toxic impact on the club from the inside out.
“The negligence continues for now but I don’t think it can go on without some action on raising funds. Also who would come in as a minority alongside them with the damage it would do to their reputation”
This story first appeared in The Sun and was republished with permission.
‘Unacceptable’: Chelsea shocked by Kerr twist
Sam Kerr’s club have taken aim at social media trolls after her baby announcement was overshadowed in ugly scenes.
‘Absolute catastrophe’: Socceroos rocked
The Socceroos have fallen apart in spectacular circumstances with their world cup qualification campaign on a knife’s edge.
Late goal saves Socceroos disaster
Kusini Yengi scored twice as the Socceroos narrowly avoided what would have been a costly loss to Bahrain.