Manchester United stock sees a massive plunge amid no-sale reports

Manchester United’s valuation on the New York Stock Exchange suffered a massive drop of  more than £500 million ($628 million) on Tuesday- it the biggest daily percentage plunge in terms of value since being listed in 2012–in the midst of reports that the Glazer family have lay aside plans to sell the club. 

After closing a share at $23.64 on Friday, the United stock price saw a colossal dip to  $19.35 at the close of business on Tuesday- resulting in a 18.15 percent value drop. The valuation had plummeted to a lowly $18.50 a share at one instance during trading, effacing more than 20 percent off the club’s value, before witnessing a little recovery ahead of the closing bell (4 pm)

Before Tuesday’s low, the previous record fall in a day (13.8%) was in March 2020. 

As per English reports, United owners i.e. the Glazers family were contemplating taking the club off sale after taking the club in the market, including a search for outside investment in November 2022. 

Britain’s richest man, INEOS founder and a boyhood United supporter Jim Ratcliuffe, and Qatari billionaire Sheikh Jassim bin Hamad Al Thani have both been involved in a long process to buy the club from the Glazers, however according to sources neither has agreed the American’s family £6 billion ($7.53 bn) valuation of the club. 

Prior to Tuesday’s valuation drop, United market value on the NYSE was listed as £3.15 billion ($3.5 bn) and closed Tuesday at nearly £2.55 billion ($3.2bn), considerably lower than the Glazers’ valuation. 

And while United’s form on the field has resulted them in losing two of their opening four Premier League games this season, the prompt for Tuesday’s value sink is probably to be investors selling off shares in the middle of concerns that club will not to be sold to Sheikh Jassim or Ratcliffe.