- United's share price drops by over £600m
- Worst market day ever for the club
- Glazers reportedly set for sale U-turn
WHAT HAPPENED? The club's price on the New York Stock Exchange plummeted by 18.22 per cent on Tuesday, losing value by more than £600 million ($753m), according to Sky Sports. The share price had closed at $23.66 last Friday and fell to as low as $18.83 on Tuesday, closing at $19.35 (the NYSE was closed on Monday due to Labor day).
THE BIGGER PICTURE: The huge drop in share price came days after a report in the Mail On Sunday claiming that the Glazers were going to take the club off the market and abandon plans to sell United to Qatari billionaire Sheikh Jassim Bin Hamad Al Thani, who has been battling with petrochemicals firm INEOS CEO Sir Jim Ratcliffe to buy the club since February - bidding in the region of £6 billion ($7.5 billion) for the Red Devils. Sources close to Sheikh Jassim's Nine Two Foundation say they have not heard back from the Glazers or the Raine Group organising the sale since making the final offer in June. It was the biggest fall in share price the club has experienced since United were floated on the stock exchange in 2012. The previous biggest drop was 13.2 per cent on March 12, 2020, when the coronavirus had halted the Premier League season, decimating the club's commercial and matchday revenue.
IN THREE PHOTOS:
WHAT NEXT FOR MAN UTD? The Red Devils are next in action against Brighton in the Premier League on September 16.