The bidding war for Manchester United (MANU 0.06%) will not have a dramatic, down-to-the-wire conclusion. Investors hoping for a big payout are understandably disappointed, sending shares of the famed English soccer club down more than 10%.

Investors aren't going to get the big payout they hoped for

Manchester United has been on the radar screens of not just soccer fans, but investors as well. Late last year the Glazer family, which controls the publicly traded sports brand, hired bankers to explore options.

Shares of Manchester United soared higher on the initial reports as investors hoped for a big payout if a deal got done. And Manchester United did succeed in attracting multiple deep-pocketed bidders.

But it appears the auction did not go the way some investors had hoped. Over the weekend, reports surfaced that British billionaire Jim Ratcliffe is closing in on acquiring a 25% stake in the club. If so, Ratcliffe will have bested Qatari Sheikh Jassim, who would have acquired all or most of the shares.

The deal, as reported, is a good one for the Glazers, as Ratcliffe will pay upward of $1.82 billion for the 25% stake despite Manchester United's $2.88 billion market capitalization. But Ratcliffe would buy shares directly from the Glazers and not from individual shareholders.

Is Manchester United a buy? 

There's no immediate payout for small shareholders, but the deal could still work out for all owners over time. The Glazers have attracted criticism from fans over their ownership, and Ratcliffe paying up for control over some decision making could mark a new course for Manchester United that could increase value over time.

The billionaire, according to reports, would still like to eventually take full ownership of the club, meaning that there could eventually be a deal for all holders in a few years.

But more than anything, the Manchester United auction is a lesson to investors not to get ahead of themselves. High-profile deal talk is exciting, and when deals get done they can be lucrative for shareholders, but until the ink is dry all of the talk is only speculation.