Manchester United owners feel the pinch in wake of Newcastle United takeover
The club was last week taken over by Saudi Arabia’s Public Investment Fund, financier Amanda Staveley and Jamie Reuben’s RB Sports & Media in a £300million deal.
Man United’s share price fell early last week after the club’s owners sold shares worth more than £137million – and the club’s value tumbled further following the takeover, which, it’s hoped, will eventually propel the club into the top six of the Premier League.
Football finance expert Kieran Maguire, a lecturer at Liverpool University, tweeted: “As the markets digested the impact of the Newcastle takeover, Manchester United’s share price fell by another 2.5%, knocking another $65m off the value of the company as the realisation that 7 clubs chasing 4 Champions League places is more difficult than 6 into 4.”
Meanwhile, Newcastle head coach Steve Bruce is set to lose his job following the takeover.