Shares of Premier League club Manchester United (NYSE: MANU) now correcting after surging more than 30% since the start of 2023. The stock dropped almost 13% on Tuesday after the Glazer family have been offered the financial backing to remain as United’s owners by American hedge fund Elliott Management.
The Glazers family, who have held ownership of the club for over a decade, but the Manchester United fans have been visibly upset at the owners and they want the Glazers to sell the club. The united stock rose sharply in the last couple of months and has gained 90% in the past 6 months after the Glazers announced a potential sale.
Earlier this month, Jim Ratcliffe, one of Britain’s richest men and owner of petrochemicals giant INEOS, and Sheikh Jassim Bin Hamad Al Thani, the chairman of the Qatar Islamic Bank, submitted their bids to buy the club. Sheikh Jassim confirmed his intention for a complete, 100% takeover of the club. The soccer club fans and supporters still hope the Glazers leave the club completely and want the Red Devils to be managed by a new entity.
Check out the detailed technical outlook of ManU here - https://gulfbrokers.com/en/manchester-united-takeover-keep-an-eye-on-united-stock