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The losses keep coming at Old Trafford after the Glazer family saw £600million cut from the club's value this week.
As if the on-field results this season hadn't left fans feeling empty enough, the club's coffers took a pounding at the stock exchange after Manchester United's shares sunk by 22% on Monday. That was in reaction to the weekend's news that Sheik Jassim bin Hamad al-Thani was no longer in the race to purchase the club, and the Glazers were now favouring a deal that would see Sir Jim Ratcliffe buy a 25% stake for £1.3billion.
The revelation clearly didn't go down well with investors as early trading on the New York Stock Exchange witnessed a plummet in the price of club shares. That £600m loss was only temporary, though the graphs still showed a £170m shortfall by close of trading on Monday.
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One share in the club would have set investors back about £16.50 based on their price over the weekend. But that figure dropped considerably to around £14 at its lowest point on Monday.
But despite recovering to a share price in the region of £15.60 that same day, the worst was yet to come as the value ebbed to a new low during Tuesday's trading. The figures suggest any takeover that involves the Glazers staying on in any capacity doesn't bode well to those with an interest in club matters.
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It might also be interpreted that investors were more confident of United staging a resurgence had Qatari investor Sheikh Jassim been the one to complete an outright takeover. Premier League rivals Manchester City and Newcastle have each thrived since being bought out by sovereign states Abu Dhabi and Saudi Arabia, respectively.
"The sharp drop in Manchester United shares reflects disappointment that a full sale of the club seems unlikely to go through," said AJ Bell investment director Russ Mould. It's reported Ratcliffe will take control of all footballing matters at United even with his minority share, which could grow to become a controlling stake over time.
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A board meeting is expected to take place on Thursday, where the Ineos found and British billionaire could be ratified in his new position of power. That would signal an end to an almost year-long process regarding the club's takeover, and much to the chagrin of many United fans, with the Glazers still reigning as overlords.
The Red Devils are due back in action on Saturday when they'll travel to Sheffield United, hoping to clinch back-to-back league wins for the first time this season. United are scraping top-half status in the Premier League after a last-minute win at home to Brentford before the international break, while Erik ten Hag's side have lost two from two in the Champions League.
- Manchester United FC
- Premier League
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