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London CNN —Manchester United shares have plunged more than 19% this week, slashing almost $740 million off the soccer club’s market value, following a UK newspaper report that the club’s US owners would drop an attempt to sell the company, at least for now. The stock fell more than 18% Tuesday in the largest daily decline since United’s IPO in New York in August 2012. According to multiple reports earlier this year, the Glazers were seeking between $7.2 billion and $9.6 billion from potential buyers. In June, Manchester United reported revenue of £481 million ($604 million) for the nine months to March 31, 2023, and an operating loss of nearly £11 million ($14 million). For the full fiscal year, it forecast record revenue of between £630 million and £640 million ($803 million).
Persons: Jim Ratcliffe, Jassim Bin Hamad Al Thani, Glazer, hasn’t Organizations: London CNN — Manchester United, Daily Mail, Labor, Manchester United, CNN, English Premier League, Newcastle Business School, Manchester, Germany’s Borussia Dortmund, Italy’s Juventus Locations: New York, , Frankfurt, Milan
CNN —Manchester United’s owners announced their intention on Tuesday to explore the sale of the iconic club, saying a “process to explore strategic alternatives” had begun. Those alternatives could include the total sale of the club by the Glazer family, who took control of Manchester United in 2005. “As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company,” said a United statement. “We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future. According to Forbes, Manchester United is the third most valuable football club in the world at $4.6 billion – behind only Spanish giants Real Madrid and Barcelona.
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