Shares in Manchester United PLC fell 9.2% overnight after rumours that the Glazer family may decide not to sell their majority stake.
None of the bids, of which two have been made public so far – from Jim Ratcliffe’s Ineos Group and Qatari sheikh Jassim bin Hamad Al Thani - are high enough to persuade the Glazers to sell, according to media reports yesterday.
The shares fell to US$20.78, down over 20% from highs earlier in the month, giving the Premier League football club a market valuation of US$3.4bn.
A winning bid would need to be increased from current levels, the FT reported, with the Telegraph reporting that Glazers are understood to want more than £5bn.
Raine Group, the investment bank conducting the sales process for the Glazers, received soft bids last Friday from would-be buyers, reportedly including proposals for minority investments that would allow the Glazers to remain in control of the club.
US fund groups Elliott Management, Oaktree Capital and MSD Partners are all reported to have offered to provide funding for potential suitors.