Manchester United’s share price has plunged by over 10 per cent at the time of writing amid the latest takeover developments involving Sheikh Jassim and Sir Jim Ratcliffe.
Qatari banker Sheikh Jassim stunned the world on Sunday after it emerged that he had withdrawn from the race to buy United from the Glazer family.
It was believed that Sheikh Jassim had tabled an eye-watering £5bn bid for the Premier League club with the intention of acquiring a 100 per cent stake in United.
Sheikh Jassim’s withdrawal from the race has paved the way for Ineos billionaire Ratcliffe, who was the other public bidder attempting to purchase United.
According to reports, Ratcliffe is now keen to secure a 25 per cent stake in United for a reported £1.3bn fee rather than an outright purchase of the club.
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United’s share price falls hard
According to Investing.com, United’s share price on the New York-listed stock market dropped as much as 12 per cent in the premarket.
The pre-market price for United’s shares were $17.58, which was down $2.40 from Friday’s closing price of $19.74 amid the ongoing takeover speculation.
However, the share price began to fall at 9:30am EDT (2:30pm BST in the UK) when the market opened and hit a low price of $17.46 at 2:42pm UK time.
United’s stock price hit a 52-week high this year at $27.34 after the Glazers had hinted at their intention to sell the Premier League club in 2022.
Sheikh Jassim’s ‘dream’ ambitions for United over… for now
According to transfer expert Fabrizio Romano, Sheikh Jassim felt that he would have ‘been the dream’ owner for the Red Devils.
He added on X, formerly known as Twitter, that the Qatari businessman had submitted a ‘full cash bid’ for United and would have cleared all of the club’s debt.
Sheikh Jassim’s package would have cost an eye-watering $8bn, but the Qatari banker wanted a full 100 per cent stake of the Old Trafford outfit.
According to Sky News, Sheikh Jassim’s mammoth offer did not meet the valuation that the Glazers wanted and the Qatari banker opted to withdraw from the race.
Despite previously being open to the idea of selling United, reports emerged in September that the Glazers had ‘taken the club off the market.’
It was reported at the time that United’s unpopular — and deeply divisive — owners were holding out for an eye-watering £10bn offer for the club.
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