Manchester United tanks on report that Glazers scrapped sale plan

Shares of Manchester United PLC fell 13% on Monday after a report said the Glazer family was confident of securing an investment that would allow them to remain as owners of the British football club.

REPRESENTATIVE IMAGE: The Glazers began looking at options including new investment or a potential sale of the club in November, 17 years after they bought the 20-time English champion for 790 million pounds. | Photo Credit: GETTY IMAGES

Shares of Manchester United PLC fell 13% on Monday after a report said the Glazer family was confident of securing an investment that would allow them to remain as owners of the British football club.

The family also expects the investment to help them double the value of the club over the next 10 years, ESPN reported, citing a source.

Manchester United did not immediately respond to a Reuters request for comment.

The Glazers began looking at options including new investment or a potential sale of the club in November, 17 years after they bought the 20-time English champion for 790 million pounds ($977.31 million).

US private equity firm Carlyle Group Inc was in talks about a “major” investment as the auction of the Premier League football club entered its final stages, Sky News reported on Saturday.

A small portion of the club’s shares is listed on the New York Stock Exchange. The market capitalization was about $3.6 billion as of Friday’s close.