Shares in Manchester United have fallen by as much as 12% following a report that the club's owners want bidders to raise their offers if the team is to be sold.

A source had told the Financial Times on Saturday that the Glazer family was not happy with the sums on the table following the conclusion of a soft deadline for bids earlier this month.

The Glazer family, who took over the club in 2005 and are widely disliked by fans, announced in November that they would put Manchester United up for sale.

The market open in New York was the first opportunity investors had to register their reaction to the FT's report - and the prospect that any sale might fall through.

The decline took the club's market value to a three-month low at just above $20 a share.

At that level, the club's market value is around $3.77bn (£3.1bn).

The Glazers are believed to be looking for offers around £5bn.

The have received indicative offers from bidders including chemicals firm INEOS, led by long-time fan Sir Jim Ratcliffe, and Qatari Sheikh Jassim bin Hamad al Thani.

A number of other parties are understood to have submitted offers to the Glazers which would not see the family relinquish its majority control.

Investment offers, in return for a share of the business for example, could see the Glazers secure more cash to be able to fund a strengthening of the squad and improve the club's Old Trafford home.

Such a move would, however, not be popular with United's fan base.

There has been widespread anger over the debt the club was saddled with to fund the Glazer's takeover, with fans' groups saying it has hampered the club ever since.

An on-pitch renewal under manager Erik ten Hag enabled United to win its first trophy since 2017, the Carabao Cup, on Sunday.