Manchester United under pressure as report says team off market

Shares of Manchester United (MANU) are under pressure on Tuesday following a news report saying the Glazer Family is planning to take it off the market after failing to get close to the anticipated asking price for the club.

TAKEN OFF MARKET: The Glazer family plans to take Manchester United off the market after failing to get close to their anticipated asking price for the club, Daily Mail’s Nick Harris and Alex Miller report. The Glazers are holding out for GBP 10B to part ways with Manchester United, and while the owners have received offers throughout a protracted negotiating period, only Sheikh Jassim of Qatar and Sir Jim Ratcliffe emerged as serious bidders, according to the report.

The stock had been in the spotlight late last month after The Sun reported that Sheikh Jassim was set to complete his GBP 6B takeover of Manchester United by mid-October. According to The Sun’s Neil Custis, Sheikh Jassim had “fought off” rival bidder British billionaire Sir Jim Ratcliffe, who was willing to allow the Glazer family to retain a stake in the Red Devils. A date was “penciled in” and an announcement was expected to come as early as September.

This is not the first time the takeover process had stalled. Back in early August, iNews Sport had reported that the Manchester United takeover process had been effectively “paused” as the Glazers were said to be disappointed with the size of offers received for the club despite both bidders – Sir Jim Ratcliffe’s Ineos and Sheikh Jassim bin Hamad Al Thani’s Nine Two Foundation – being “keen to close on the deal,” according to Mark Douglas.

PRICE ACTION: In Tuesday morning trading, shares of Manchester United trading in New York have dropped almost 17% to $19.73.