What's Going On With Manchester United Stock?

Manchester United Ltd MANU shares are trading lower Tuesday following reports the company will no longer seek to sell the club.

What Happened: According to a Daily Mail report from over the weekend, the Glazer family will take Manchester United off the market after bidders failed to reach their asking price.

A source with ties to the family reportedly said the owners won't be influenced by negative fan reactions. Manchester United fans have pushed for a sale for quite some time. The company's board commenced a process to explore strategic alternatives for the club last November and the company's owners have been reviewing offers from multiple potential buyers since. 

The report indicates the bidders did not meet the Glazers' asking price for the team despite recent reports suggesting a sale was imminent. Multiple reports from last month suggested discussions had taken a "big leap forward in recent weeks."

The Glazer family will attempt to put the club up for sale again in 2025, according to the source.

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MANU Price Action: Manchester United shares were down 11.2% at $21 at the time of publication, according to Benzinga Pro.

Photo: nmoodle from Pixabay.