Manchester United’s stock fell in premarket trades Monday following reports that Qatari banker Sheikh Jassim is withdrawing his takeover bid for the iconic English soccer club.
Shares of operator Manchester United Ltd
MANU,
fell 10.8% Monday. The stock ended Friday’s session up 1.2%.
Related: Qatari banker Sheikh Jassim is withdrawing his bid to buy Manchester United
Jassim, the chair of Qatar Islamic Bank and the son of a past prime minister of Qatar, has been locked in a battle with British billionaire Sir Jim Ratcliffe to wrest control of Manchester United from the American Glazer family. MarketWatch understands that Jassim had been seeking 100% of the club.
The Glazers took control of Manchester United in 2005. In November, they confirmed they were exploring potential financial investment in — or an outright sale of — the Premier League club.
Related: Manchester United takeover: Sir Jim Ratcliffe considering minority stake offer, report says
Last month, Bloomberg reported that Ratcliffe, the chief executive of the chemical giant Ineos, is restructuring his Manchester United bid in an attempt to break the months-long deadlock in the takeover battle. The Guardian reports that Manchester United’s board is expected to vote on Ratcliffe’s bid for a 25% stake in the club in the coming days. The 25% stake is valued at about $1.6 billion, according to the report.
Ineos has not yet responded to a request for comment on this story. Manchester United declined to comment.
Related: Manchester United extends Adidas deal in pact worth $1.2 billion
Manchester United’s stock has fallen 24.8% in the last three months, outpacing the S&P 500 index’s
SPX
decline of 3.7%.
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