Man United shares tank after report Glazers may avoid sale with investment
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Shares of Manchester United PLC fell 13% on Monday after a report said the Glazer family was confident of securing an investment that would allow them to retain ownership of the British soccer club.
The family also expects the investment to help them double the value of the club over the next 10 years, ESPN reported, citing a source.
Manchester United declined to comment.
The English soccer club's stock fell to $18.91, its lowest since late November, when the Glazers started weighing options including new investment or a potential sale for the 20-time English champions that they bought 17 years ago for £790m.
The Glazers are increasingly confident of securing the outside investment that will enable them to remain as Manchester United owners, a source has told ESPN. https://t.co/PI1hyIzKk5
— ESPN UK (@ESPNUK) April 17, 2023
A small portion of the club's shares is listed on the New York Stock Exchange. The market capitalisation was about $3.6bn (R81.7bn) as of Friday's close.
Sky News reported on Saturday that US private equity firm Carlyle Group Inc was in talks about a “major” investment as the auction of the Premier League soccer club entered its final stages.
In March, Reuters reported that the son of former Qatar Prime Minister Jassim bin Jabr Al Thani had submitted an improved bid to buy the club. The founder of chemicals producer INEOS put in a bid for the club in February.
Any sale of the club would be likely to exceed the biggest sports deal so far — the $5.2bn including debt and investments paid for Chelsea — sources told Reuters previously.