Shares of Manchester United Plc fell by as much as 21% on Tuesday after a report in the Mail On Sunday claimed that the Glazer family is going to take the club off the market after failing to receive offers that match their asking price.

The fall in the stock price to around $18.90 reduced the stock market value of the club by about $700 million to roughly $3.1 billion.

A spokesperson for Manchester United declined to comment on what they called “rumors and speculation,” when contacted by Bloomberg.

Sheikh Jassim Bin Hamad J.J. Al Thani, a member of Qatar’s royal family, and Ineos boss Jim Ratcliffe have made offers to buy Manchester United from the Glazers, who have owned the club since 2005.