Manchester United shares plunged 18.2% on Tuesday after reports emerged that the iconic English football club was set to be removed from the market.
The report, which was published in the Mail, stated that the Glazer family, who have owned the club since 2005, were no longer actively seeking a buyer.
The Glazer family reportedly sought 6 billion pounds ($7.5 billion), which would have been a world record for any sports club or franchise, but the bids were low.
This development surprises many, as the Glazers had been in talks with several potential buyers recently.
According to the Mail, Sheikh Jassim had made a “fifth and final” offer of more than 5 billion pounds after British billionaire Jim Ratcliffe’s INEOS reportedly outbid him in April.
But no deal was finalised after Jassim’s “deadline” last week, after which he said he would not enter any further negotiations. However, the report said that the family had been unable to find a buyer willing to meet their asking price.
The share price of United has witnessed a downward spiral ever since the club started to struggle in the post-Ferguson era. MUFC has not won the Premier League title since 2013 or the Champions League since 2008.
It is still being determined what the future holds for Manchester United now that the sale is off.
The share price of Manchester United is likely to remain volatile in the coming days and weeks as investors try to assess the implications of the news that the sale is off.
The club’s long-term future is also uncertain, and it will be interesting to see how the Glazers manage the club in the coming years.