The dive follows a Financial Times column suggesting the club is worth about US$1.6 billion, less than half of the enterprise value implied by the share price. That measure is now around US$4.4 billion, according to data compiled by Bloomberg.

The New York-listed shares slumped 9.2% Monday to US$20.78, taking losses since their Feb 16 all-time closing high to about 23%.

Growing speculation around a sale by the Glazer family drove the stock higher starting in late 2022, with Sheikh Jassim bin Hamad bin Jaber Al Thani, a member of the Qatari royal family, and Jim Ratcliffe, Britain’s richest man, entering the fray.

Separately, the FT reported over the weekend, citing a person close to the situation, that offers will need to be bigger to buy the team, with bids from Sheikh Jassim and Ratcliffe not high enough for the Glazers.

Bloomberg News has reported that Qatari investors were planning an opening bid of around £5 billion (US$6 billion) for Manchester United, which could make it the biggest takeover of a professional sports club on record.

Representatives for the club didn’t immediately respond to an emailed request for comment.