Despite misleading takeover reports that were subsequently debunked, Man United’s stock value reached a new high for the month.
The Old Trafford club’s share price escalated even further on Tuesday after false reports from Qatar suggested Sheikh Jassim bin Hamad al-Thani had succeeded in his endeavor to take over the Manchester club.
However these erroneous claims were later invalidated by the head of the media outlet which broke the speculation, yet United’s value on the New York Stock Market persisted on its upward ascent at a lofty level.
At 3pm on Tuesday, prices rose to the highest in a month at $22.96 before ending on a closing price of $22.90, a 13.76 per cent increase from the start of trading hours ($22.33). United’s share price has rocketed over the past 12 months due to the sale of the club. Shares are up 111 per cent from 15 June 2022 when prices were at $10.82. Upon November’s announcement, the valuation leaped by nearly $10 between November 21 and December 2.
The share price over the last year peaked on February 16, the day before the first deadline for bidders, when prices were at $26.84 per share. Several reports suggest that a decision on the takeover process could be made this week, which is keeping the current share price high.
United’s hordes of irate fans are calling for the Glazers to make a decision with the summer transfer window opening on Wednesday and Erik ten Hag apparently has no inkling on what his budget appropriations will be.
The earlier thought had been that Sir Jim Ratcliffe is in the lead the race with his proposal to keep Avram and Joel Glazer as minority shareholders while he takes their 69 per cent majority.
Both frontrunner bidders are now anxiously waiting to hear from the Glazers after submitting revised bids, with Sheikh Jassim – who wants 100 per cent ownership of United – submitted his latest offer on Wednesday with his interest still remaining despite a self-imposed deadline of Friday on the expiry of his bid.