Shares in Manchester United fell more than 11% premarket, on disappointment the English Premier League soccer club won’t be bought outright at a premium. Over the weekend, Sheikh Jassim Bin Hamad al-Thani, chairman of Qatar Islamic Bank, withdrew from bidding after failing to agree on valuation with the Glazer family, which controls the club.
Instead, the Glazers are nearing a deal to sell a minority stake to British billionaire Jim Ratcliffe, people familiar with the matter said. Ratcliffe would buy 25% or more of Manchester United’s nonvoting shares, which trade on the New York Stock Exchange, and an equivalent voting stake from the Glazer family, the people said. Ratcliffe is expected to pay a significant premium, but investors will only be able to sell some of their holdings.
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