Manchester United share price drops despite deal for new shirt sponsor amid takeover saga

Manchester United's share price continued to drop on Wednesday, despite the announcement of a new shirt sponsorship deal with technology firm Qualcomm.

United confirmed late on Tuesday that their existing relationship with Qualcomm Technologies will be taken up a step as the brand Snapdragon will adorn the club's jerseys from the 2024/25 season. Though United have not confirmed the length of the deal or the financial terms, it's reported the club will receive £60m per year in the agreement, an increase from the £47m a year they earn from current sponsors TeamViewer.

However, the new big-money deal has had little impact on the club's share price on the New York Stock Exchange. According to the Financial Times, the day closed with United's stock costing $19.48 per share. That's a 1.32 per cent drop on Tuesday and is a continuation of September's decline.

The lack of movement following the deal indicated investors remain focused on the club's drawn-out takeover process, which has now been underway for over 10 months.

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United's owners, the Glazer family, announced in November 2022 that they were exploring the possibility of selling the club by 'commencing a process to explore strategic alternatives for the club'.

Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe emerged as the leading contenders in the race to buy United and the stock price rose dramatically when reports suggested the Qatari was closing in on a purchase. However, neither party is yet to see a bid accepted.

The share price then took a sharp plunge at the start of September after a story from the Daily Mail claimed the Glazers were considering taking the club off the market because an