Investing.com -- Shares in Manchester United Ltd (NYSE:MANU) shed nearly a tenth of their value in premarket U.S. trading on Tuesday, after a news report suggested that the English football club's owners are planning to take the storied franchise off the market.
The Mail on Sunday in the U.K. claimed that the team's ruling Glazer family is no longer going to pursue a sale because recent offers failed to match their asking price.
Citing a source close to the Glazers, the newspaper said the family may attempt to sell the club in 2025 when they believe their valuation of between £7 billion - £10 billion (£1 = $1.26) will be met.
Based off of the shares' last closing price, Manchester United was valued at just under $3.9B.
Sheikh Jassim Bin Hamad J.J. Al Thani, a member of the Qatari royal family, and British billionaire Sir Jim Ratcliffe were reportedly among the only serious bidders interested in a takeover. According to Sky Sports News, both men, who were offering £6B, remain interested and have not been told that the club is no longer on the market.
The Glazers, who have owned Manchester United since a leveraged buyout in 2005, have never officially put the team up for sale.