Manchester United is renowned for being the wealthiest club in England, a title it has held for many years.
However, recent events have sent shockwaves through the footballing world and the financial markets.
Reports emerged over the weekend that suggested the club was no longer up for sale.
Investors had previously speculated on a premium-priced takeover, which lead to the share price being driven up.
The Glazer family, who are the majority owners of Manchester United had initiated a strategic process nearly a year ago, exploring various options to fund the club. Among these options was the potential for a partial or full sale of the company.
However, the likelihood of such a takeover now appears increasingly uncertain as contradictory reports have emerged and even the likes of Gary Neville being vocal in addressing them.
A report on the weekend, citing an undisclosed source close to the Glazer family, claimed that the Glazers intend to halt the sales process and postpone their divestment plans, possibly until 2025. This decision was attributed to the anticipation of increased interest from potential buyers due to the upcoming US-hosted World Cup and new TV rights auctions.
Sky Sports News have now reported that the stock price for Manchester United is on track for its worst day ever.
Due to the news, the New York-listed shares of Manchester United, representing the club’s minority and subordinate equity, witnessed a staggering 19.6% drop in value, resulting in over $750 million (roughly £550m) being wiped off its stock market valuation.
As a result, Manchester United shares began trading 18.5% lower in early deals, with a per-share loss of $4.39, ultimately bringing the share price down to $19.25.