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