WORST DAY EVER! Man Utd shares plunge by record figure after Glazers takeover revelation
Robin Bairner
- Updated: 6 Sep 2023 08:14 CDT
- 4 min read
Manchester United had more than £600 million wiped from the value of the club on Tuesday in the club’s worst day ever on the stock market.
Reports that the Glazer family will take the Old Trafford side off the market following a failed takeover have triggered the collapse in the share price.
The cost of one share in Man Utd when the New York stock exchange closed on Friday was $23.66 (£18.84) but this dropped as low as $18.83 (£15) on Tuesday before rallying to $19.35 (£15.41) at close.
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The reason for the delayed reaction in the stock market was because the New York Stock Exchange was closed on Monday for Labor Day.
This has smashed the record for the club’s worst day on the stock market since its listing in 2012, with the previous biggest sell-off coming in March 2020, around the time the scale of the COVID pandemic was beginning to become evident, when it dropped 13.8%.
On Tuesday, 5 September 2023, the value of a Man Utd share dropped 18.22%.
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Glazers continue to damage Man Utd
In total, Man Utd saw around £600m wiped from the value of the club, continuing an alarming trend that was trigged as long ago as February.
The Red Devils had seen the value of the club reach an unprecedented high early in the year following the decision of the Glazer brothers to put the club on the market.
Ineos billionaire Sir Jim Ratcliffe and Sheikh Jassim have been vying to buy the club but at the weekend reports emerged that the Glazers will take the club off the market in the hope of selling in 2025.
Neither of the leading bidders has been willing to match the Americans’ £6bn asking price.
However, Sky Sports reports that both Ratcliffe and Sheikh Jassim believe the takeover remains live and are still interested in doing business with the Glazers, despite the protracted process.
After the 3-1 Premier League loss to Arsenal, Man Utd legend Gary Neville told Sky Sports: “It's just a game for them, they think it's a toy! Of course they're going to sell. They're desperate for money.
“They can't even compete on FFP anymore. Man Utd are talking like a midtable club when it comes to the transfer market.
“Today was a fantastic game but it won't change the fact that they've got owners of one of the biggest clubs in the world who are messing around with the football club and I'm not going to stop talking about it because it's a massive problem.”
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