Manchester United, one of the most valuable football clubs in the world, has experienced a significant drop in its valuation on the New York Stock Exchange. The club’s owners, the Glazer family, reportedly halted plans to sell the club after failing to attract an offer that meets their asking price. This decision has resulted in a sharp decrease in the club’s market capitalization, losing over $700 million in a single day.
According to reports, the two leading suitors for the club were British billionaire Jim Ratcliffe, founder of chemicals giant INEOS, and Qatari banker Sheikh Jassim Bin Hamad Al Thani. Both parties made offers that valued Manchester United at around £5 billion. However, these bids fell short of the Glazers’ asking price of $7.5 billion.
The Glazers, who hold two-thirds of the club’s capital and almost all voting rights, have faced criticism from United’s supporters for their management of the club. Fans accuse the family of burdening the club with debt during their takeover and not investing enough to maintain competitiveness.
Despite taking the club off the market, discussions are reportedly still ongoing with potential buyers. Anonymous sources close to the Glazers and the prospective purchasers suggest that negotiations are continuing with the aim of finding a suitable buyer for the three-time Champions League winners.
Manchester United, initially bought by US entrepreneur Malcolm Glazer between 2003 and 2005, was passed on to his six children following his death in 2014. The family announced their intention to explore a sale in November 2022.
The drop in Manchester United’s valuation highlights the complexities and challenges involved in selling a football club of this magnitude. The Glazers’ decision to take the club off the market indicates that finding a buyer who meets their financial expectations may not be an easy task.
It remains to be seen how this development will impact the future of Manchester United and whether the Glazer family will eventually find a suitable buyer who meets their asking price. For now, the club’s valuation has taken a significant hit, raising questions about its financial stability and long-term prospects.
