Manchester United have seen their debt top £1 billion for the first time as uncertainty surrounding the club’s takeover continues.Manchester United’s stock price plummeted because the Glazer family had difficulty agreeing to sell the club. The incident has reduced the team’s value by 600 million pounds and is currently only 3.3 billion pounds.

The move comes after reports last week that the current owners were considering taking Man United off the market. The Glazer family is said to have asked for a fee of £6 billion but could even increase it to £10 billion. However, potential buyers Sheikh Jassim and Sir Jim Ratcliffe are said to have fallen short of the American family’s valuation. This news caused a stir when Man Utd’s stock price dropped 18.2% to 15.40 pounds/share.

This is the largest daily decrease since MU shares were first registered on the stock exchange in 2012. And things continued to get worse for the Red Devils when debt reached a record level of 1,005 billion pounds. The Mail on Sunda recently claimed their third quarter results showed MU’s outstanding accounts had increased by £31m. This is said to be due to combined debt, bank loans and unpaid transfer fees.

Man United still owe £279.8m to other clubs and this fee could rise as it does not include their summer spend of around £180m on deals for Mason Mount, Andre Onana, Rasmus Hojlund, Altay Bayinidir, Sofyan Amrabat, Jonny Evans and Sergio Reguilon The Glazers announced they would make offers to buy the club last November and after almost a year, the move to sell collapsed. A source close to the deal told The Sunday Times that neither Ratcliffe nor Sheikh Jassim valued Man United at more than £5 billion.