Manchester United stock sinks 13.5% on a report that it's probably worth billions less than what its owners want to sell it for

• Manchester United stock fell as mush as 13.5% after a report suggested that it's worth billions less than the club's owners are seeking.
• A Financial Times analysis indicated that United's value is likely to be around $1.6 billion.

Shares of Manchester United fell as much as 13.5% on reports that one of the world's biggest soccer clubs may be worth billions less than its owners are seeking.

US-listed shares hit an intraday low of $19.80 but pared losses and were down 9% at $20.87, indicating a market cap of $3.43 billion.

Prospective bidders have been lining up to buy the company with multibillion-dollar offers. The club's owners, the Glazer family, reportedly want at least $6 billion, per The Athletic.

But an analysis by the Financial Times suggested the team's value is much lower — likely around $1.6 billion. The news publication reviewed cash flow, earnings multiples of previous sales of various clubs, and revenues compared with competitors to determine its fair value.

However, United's future valuation could rise from other revenue streams like non-fungible tokens, the report said. The $1.6 billion valuation may ignore the intrinsic value of owning one of the sport's most notable franchises and brands as well.

So far, a billionaire chief exec of a petrochemical producer, Jim Ratcliffe, as well as Qatari Sheikh Jassim bin Hamad al-Thani have formally expressed interest in bidding for the club. The two parties have been urged to raise their offers if they wanted to acquire it, the FT reported on Saturday.

Although the stock price has been mostly stagnant since it went public, reports in November that owners were planning a sale saw shares jump over 60% in the span of a week.