MarketWatch understands that Manchester United extended Wednesday's deadline for bids.
Manchester United stock tumbled Thursday as the tense takeover saga of the famous English soccer club continued.
Shares of operator Manchester United Ltd. MANU fell 7% as the soccer world awaits news on the rival bids for the storied club. Manchester United’s stock ended Wednesday’s session up 6.7%. Sheikh Jassim is the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar. The Sheikh is bidding for the club through his Nine Two Foundation, which was named in an apparent nod to Manchester United’s “class of ’92” FA Youth Cup-winning team, which included future stars David Beckham, Ryan Giggs, Paul Scholes, Gary Neville, Phil Neville and Nicky Butt.
The latest developments in the takeover saga could reflect a desire on the part of the American Glazer family, which owns Manchester United, to drive up the value of the bids. Earlier this week the Caught Offside website described the possibility of an extra bidding stage to create “competitive tension” among the bidders, citing unnamed sources.
Representatives of Sheikh Jassim were at Manchester United’s Old Trafford stadium on Mar. 17 to receive a presentation on the possible sale of the club. Ratcliffe was at Old Trafford to receive the presentation the following day, making his arrival in the full glare of the waiting media. ”Any sports club ultimately should belong to its fans,” Zilliacus said. “The current development, where billionaire sheiks and oligarks [sic] take over clubs and control them as their personal playgrounds is not a healthy trend.”The American Glazer family took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment or an outright sale of the storied Premier League club.
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