Why Manchester United Stock Took a Loss Today
The long-anticipated sale of Manchester United (NYSE: MANU) has reportedly been put on hold, and investors are bracing for defeat. Shares of the legendary U.K. soccer club fell as much as 10% on Tuesday on concerns over whether a deal can get over the line.
Manchester United is one of the world's most storied sports brands and one of the only ones that is publicly traded. The team is majority owned by the Glazer family, but some of its shares trade on the New York Stock Exchange.
Last fall, the Glazers hired bankers to explore options, and in June the stock soared on reports that the club was nearing a deal to sell to Qatar's Sheikh Jassim bin Hamad Al Thani. The rumored deal, which would mean a cash out for all shareholders, valued the club at about $6 billion.
Source Fool.com
