A report emerged on Monday that the Glazers are unlikely to sell their prized asset, Manchester United football club, and this news sent the Manchester United (NYSE:MANU) share price tumbling. The stock closed at over $22 a share on Friday, but it is consistently trading well below $19.50 right now.
It’s currently down 11%, but it has seen depths as low as 13% for portions of the trading period.
Back in November, the Glazer family released a club statement saying that they were considering “all strategic alternatives, including new investment into the club, a sale, or other transactions.” That led to hopes the Glazers would sell the club, and thus a lot of optimism. Both from the club’s supporters, many of which utterly revile the ownership group, and the stock market.
And as we all know the market is fickle beast that often swings to polarities based on sentiment alone.
Manchester United stock (MANU) had risen almost up to 70% in the five months since the Glazers made their public statement, which was high in corporate gobbledly-gook and business man buzz word salad.
Obviously, that trend is all eroded now given the ESPN story about which way the Glazers are likely to go. The Florida based Glazers, who built their empire on commercial real estate, are leaning towards bringing in a minority investor and retaining control of the team.
And the people they’re courting for this arrangement are a who’s who of the richest and most powerful (and of course, most unlikable/extremely unsavory) financiers and behind-the-scenes puppet masters in the world.
Right now, there seems to be little to no hope of the Glazers divesting the club. Sigh. What a terrible day for football!
Paul M. Banks is the owner/manager of The Sports Bank. He’s also the author of “Transatlantic Passage: How the English Premier League Redefined Soccer in America,” and “No, I Can’t Get You Free Tickets: Lessons Learned From a Life in the Sports Media Industry.”
He’s written for numerous publications, including the New York Daily News, Sports Illustrated and the Chicago Tribune. He regularly appears on NTD News and WGN News Now. Follow the website on Twitter and Instagram.