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Manchester United share price drops amid Sir Jim Ratcliffe takeover reports
12.05.2023 - 11:05 / manchestereveningnews.co.uk
Manchester United’s share price fell by 9.5 per cent on Thursday amid reports that Sir Jim Ratcliffe is the Glazers' preferred takeover bidder.
The stock value on the New York Stock Exchange dropped from $20.30 to $18.37 amid the speculation. The share price has seen a decrease of 19.29 per cent during the calendar year to date, from January 1 (as of Friday morning on May 12).
The Glazers announced that the board was exploring “strategic alternatives for the club” in November with the takeover process commencing. Bidders have been required to pass a number of stages with fans hoping a decision on the sale of the club could be on the horizon.
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A report from The Sun late on Wednesday evening claimed that the Glazers prefer Ratcliffe’s offer to Sheikh Jassim bin Hamad Al Thani's, with the latter wishing to take over 100 per cent of the club.
They claim Ratcliffe’s proposal would see Avram and Joel Glazer stay as minority shareholders with the INEOS billionaire taking majority control.
The article also claims a winning bid from the Failsworth-born businessman, a lifelong United supporter, would mark the exit of several senior United officials including CEO Richard Arnold. The stock market acted negatively in light of these rumours.
The Glazers are said to have wanted to hold out for £6billion for United, but both main bidders tabled a lower offer. Ratcliffe also owns French club OGC Nice.
Current UEFA rules state clubs with the same owner cannot compete in the same European competition, albeit president Aleksander Ceferin revealed earlier this year that such rules could change.
When asked whether there was a negative reaction to Ratcliffe’s bid
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