Manchester United’s share price fell by more than 12 per cent on Tuesday amid worries that the Glazers may opt against a sale and stay at the club despite receiving takeover bids.
Two official offers from Ineos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani have been tabled but a reported third interested party has caused strife among supporters.
US firm Elliott Investment Management have apparently entered the race although they're not said to want a full takeover. Some reports claim they're willing to help with debt management while the Glazers stay on.
READ MORE: Glazers keeping players and staff away from takeover process
As a result, the club’s share price on the New York Stock Exchange on Tuesday (February 21) dropped from $25.55 (£21.08) to $24.27 (£20.02) within the first half hour, with a handful of rebounds in between. The share price at one stage fell to as low as $22.89 (£18.91) before ending at $22.99 (£19.02) by close, a drop of 12.69 per cent.
This comes after the share price boomed ahead of Friday's 'soft deadline' for takeover bids following an initial rise from November's potential-sale announcement.
Some are sceptical about the Glazers’ intentions of a sale, claiming that the owners are using the takeover process to bump up the share price ahead of their siblings’ sale.
Speaking on his podcast, Gary Neville recently stated: "I think what scares Man United fans most is the feeling this Man United ownership are running this process to drive a massive price up.
"To try to somehow establish a level which means two of them can stay in and the rest of the family that want out can be bought out by an American fund who wouldn't mind owning a minority or significant share but not the entirety of the share. That's the biggest concern.”
The Manchester Evening News understands that all takeover bids that were submitted before Friday's deadline of 10pm are, at this stage, indicative, with a further phase seeing interested parties given access to financial documents before being then asked to confirm their final proposals.
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