Man United’s stock price has plummeted on the New York Stock Exchange after Sheikh Jassim canceled his offer to buy the club.
Manchester United’s share price fell on the first day of trading on the New York Stock Exchange (NYSE) after Sheikh Jassim dropped out of the battle to buy the Premier League giants.
Eleven months after the Glazer family launched a strategic review of their ownership, billionaire and INEOS founder Sir Jim Ratcliffe is expected to purchase a 25% share in the club. It is expected to be worth £1.5 billion to the Americans if they accept a revised British offer.
After what has been a frenetic 24 hours or so, Qatari financier Sheikh Jassim is no longer in competition to become the new owner, leaving the door open for Sir Jim to move ahead with his ambitions to invest and walk into the boardroom. However, there is still more red tape to cut through.
Such a visually appealing makeover was obviously going to have an effect on NYSE prices. Bloomberg forecasted a significant decline before the opening bell on Monday morning in the United States.
Sheikh Jassim suggested a 100% acquisition before withdrawing his interest. It is believed he bid more than £5 billion, with the Glazer family holding out for closer to £6 billion.
In 2005, the Americans paid £800 million for United. They’ve been in charge for 18 years.