’s share price fell by a record amount on Tuesday as concerns grow among investors that the club’s much-anticipated sale is off.side were worth $23.66 when trading closed on the New York Stock Exchange on Friday ahead of the Labor Day weekend, the traditional end of the American summer.When trading resumed on Tuesday, the price crashed by more than $5, hitting a low of $18.83, before recovering slightly to close at $19.35.
While it is not unusual for shares to fall after a long weekend, particularly in September, there is clearly more to this sell-off than the market’s traditional rhythms. The Glazers had hoped the announcement would start a lively auction for the club, but the contest soon turned into a two-horse race between bidders who had no intention of being bullied or cajoled into meeting the family’s asking price of $8billion — four times the club’s pre-November 2022 market capitalisation.
This is because institutional investors have effectively bet on a quick win from a Sheikh Jassim takeover, as opposed to the more delayed and negotiated gratification offered by Ratcliffe.