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Manchester United (NYSE:MANU) shares are trading almost 4% lower in premarket Monday after the Financial Times reported over the weekend that the Glazer family, which owns the legendary football club, has told interested parties they need to up their offers in order for the sale to go through.
Qatari Sheikh Jassim bin Hamad al-Thani and Ineos owner Jim Ratcliffe are the only bidders publicly confirming their interest to buy Manchester United. The Financial Times now reports that bids made by these two parties aren’t high enough for the Glazers to consider selling MANU.
Instead, the owners have received several proposals to sell a minority stake in Manchester United. This way, the Glazers would stay in charge of the club and would be able to raise capital at an attractive price. The funds would likely be used to redevelop Old Trafford, the club’s stadium, as well as invest in the team to compete at the highest levels.
The Glazer family appointed New York-based Raine Group as its exclusive financial advisor to oversee the potential sale.
Manchester United shares are indicated to open at $22 apiece today, the lowest level recorded in about 3 weeks.
