The value of Manchester United plummeted Tuesday following reports that the club’s American owners shelved their plans to sell.
The share price dipped by 18.15% over the course of the day, dropping the club’s valuation on the New York Stock Exchange by over £500 million. It was the biggest tumble in the club’s stock since it went public in August 2012, according to The Times’ Matt Lawton.
The plunge is widely believed to have been triggered by Nick Harris and Alex Miller’s report for the Mail on Sunday indicating the Glazer family were planning to take the club off the market. The Glazers reportedly want between £7 billion and £10 billion for the club and believe that sale price could be reached once the 2026 World Cup – which is being hosted in the United States, Canada, and Mexico – piques American billionaires’ interest in football investments.
The Glazers put Manchester United up for sale last November, with British businessman Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad al Thani quickly emerging as front-runners to purchase one of the biggest sports organizations in the world. However, no deal has materialized despite several rounds of bidding.