Manchester United Stock Falls as Sheikh Jassim Withdraws Bid
Sharp Drop in Manchester United Shares
In early Monday trade, Manchester United (NYSE:) shares plummeted after reports emerged that the Qatari group, led by Sheikh Jassim bin Hamad J.J. Al Thani, had withdrawn its bid for the Premier League powerhouse.
Battle for Control
Both Sheikh Jassim and Jim Ratcliffe had been competing to gain control of Manchester United, which is currently owned by the Glazer family.
Valuation and Offer
As of the last trading session, the club was valued at $3.3 billion. However, Reuters has reported that Ratcliffe is willing to pay $1.5 billion for a 25% stake in the club. Based on Ratcliffe’s bid, the valuation of the football club would be nearly $6.5 billion, excluding its net debt of over $600 million.
Talent Acquisition and Management
Ratcliffe has also made an additional proposition to take charge of talent acquisition and management at Manchester United if his bid is successful.
Sheikh Jassim’s Decision
Reuters also revealed that Sheikh Jassim informed the Glazer family that he would not be increasing his bid any further.
Stock Decline
At 05:10 ET (09:10 GMT), MANU shares were down 11.1%.
