I was going to write a post with the exact same logic. No sensible investor will sell an asset when the market price is well below what he believes the "real" price to be. The Glazers value United at much more than 1.6bn pounds and therefore has no incentive at all to sell now. They will wait for Fergie to hopefully bring more success and thus more money. This, according to them, will drive the market value up and when they feel that the value is high enough for them to make a killing then only will they sell.