Manchester United stock sees biggest intra-day fall as Glazers put off sale

Manchester United shares plummeted after their US owners the Glazer family put off the sale of the club for which negotiations had begun in December 2022

Manchester United's shares saw a fall of nearly 18 per cent, which is the biggest intra-day slump in their history since they were listed on the New York Stock Exchange (NYSE) in 2012. This downfall came on the back of the club owners -- the Glazers family of the United States -- putting off the intended sale of the club.

In November 2022, the Glazers had shown interest in selling the club to position themselves more strategically and asked for a bid of nearly 10 billion pounds.

Mail, the newspaper which quoted sources close to the Glazers family, said that the United owners will now wait for the right time to go for sale around next year.

 

Two parties were initially interested in buying the prestigious English football club. But neither Sheikh Jassim of Qatar nor British billionaire Sir Jim Ratcliffe could come close to the price asked by the owners.

According to a BBC report, the Tuesday fall wiped out nearly $700 million from United's total stock market valuation and they are now valued at $3.2 billion. In 2005, the Glzers bought the legendary Manchester club for $790 million.

Manchester United's performance under the Glazer family's ownership

Though fans have held continuous protests to get rid of the Glazers from the ownership of United, the results by the team have only added fuel to that fire. In the 19 years since the Glazers family took over, United could win only five Premier League titles, none of which have come post-2013, one FA Cup title, five League Cup titles, one UEFA Champions League and one Europa Cup title. 

Ever since Sir Alex Ferguson retired from the position of manager after the 2013-14 season, the club has only gone from bad to worse, in comparison to their glory days.