The drop comes amid a volatile five months for the club after the Glazers, owners of the soccer team since 2005, began exploring strategic alternatives, including a possible sale, in November.
The possibility of a sale of its controlling stake sent shares up a 62% in a week last November , and a possible Saudi buy offer pushed shares to an all-time high in February. Since then, shares have tumbled as investors try to assess what shape the deal might take.
With Manchester United’s current dual class share structure, the Glazer family owns an economic stake of around 67% via class B shares in the club, as well as almost 96% of the total voting power. Investors who own minority class A shares fear that a partial sale will prevent them from having a clear one on the horizon, while the upside potential of the shares is limited.
The American family has also asked the other bidders for the Premier League team to they increased their offers and show they can complete the proposed deals, the Financial Times reported over the weekend. Bidders in the final round include British billionaire Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al-Thani, son of the Ex-Emir of Qatar.