Sheikh Jassim has been locked in a takeover battle with Sir Jim Ratcliffe to wrest control of Manchester United from the American Glazer family
Manchester United’s stock fell in premarket trades Monday following reports that Qatari banker Sheikh Jassim is withdrawing his takeover bid for the iconic English soccer club.
Shares of operator Manchester United Ltd MANU, +1.22% fell 11.8% in premarket trades. The stock ended Friday’s session up 1.2%.Jassim, the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar, has been locked in a battle with British billionaire Sir Jim Ratcliffe to wrest control of Manchester United from the American Glazer family. MarketWatch understands that Jassim had been seeking 100% of the club.
The Glazers took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment in, or an outright sale of, the Premier League club.Last month, Bloomberg reported that Ratcliffe, the chief executive of the chemical giant Ineos, is restructuring his Manchester United bid in an attempt to break the months-long deadlock in the takeover battle.
Manchester United’s stock has fallen 15.5% in the last three months, outpacing the S&P 500 index’s SPX decline of 3.9%.
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