The ongoing mystery surrounding the prospective sale of Manchester United continues to provoke uncertainty in the club's stock performance. Despite the tug-of-war between British billionaire Sir Jim Ratcliffe and Sheikh Jassim bin Hamad al-Thani, the potential buyers, the share prices have recently displayed noticeable volatility due to speculation around Sheikh Jassim's intentions.
Reports suggest the share price of the iconic English Premier League club ($MANU) experienced a decrease of 2.38 percent, slipping from $24.17 to $23.6 and further plunging to a low of $23.54.
As of 11:53 AM ET on Monday, July 10, the club's shares continued their descent to $23, managing a marginal recovery to $23.18 within the next seven minutes.
The club's shares have experienced a rollercoaster ride on the New York Stock Exchange in the past five days, peaking at $24.87 on Wednesday, July 5, before slumping to $23.78 and eventually hitting new depths with the previously mentioned $23 value.
This isn't the first incident of stock price volatility for the club. The announcement of the impending sale earlier boosted share prices from $13.03 to $21.21 in late November, and trends indicate a staggering 120.55% growth over the past year.
These peaks are justified for those tracking the sale of Manchester United as they signify the likelihood of a sale taking place, though the valleys seem to align with updates that paint a frustrating picture.
BBC Sport's Simon Stone, during a recent appearance on The United Stand, shed light on the current dip due to rumors of Sheikh Jassim's withdrawal from the bidding race.
Stone said, "I was told a rumor the other day that Sheikh Jassim was about to pull out. I checked that, and that was just dismissed. There are all kinds of rumors but ultimately people can feel the way they feel. They can be frustrated. They can believe that they're in pole position or that they're behind. It comes back to the Glazers."
Stone further added, "when we were at the period of final deadlines which seems like months ago now, after that more bids came in from Sheikh Jassim. That was off the back of Sir Ratcliffe."
Ratcliffe's proposal of retaining a 50 percent stake in Manchester United while offering the Glazer brothers, Avram and Joel, a 20 percent stake each purportedly edged out Sheikh Jassim. This prompted the Qatari royal to augment his bid, with some Qatari media outlets prematurely celebrating the victory.
The official future ownership of Manchester United remains undisclosed, and this prevailing ambiguity could possibly trigger more instability in the club's stock prices.
