Usually share buybacks are done by companies with money to spend who don't have much else to spend it on. That's not something that's troubling the Glazers I'd imagine so we can probably discount that. But you have to wonder where they're getting the money from. Could be money from operating cash flow (which means they can't spend it on players) or more debt. One to watch I think.
Or it could be done by companies where the major shareholders want to ensure they retain control, so they buy up as many shares on the open market as they can to dilute the outstanding number.The fact that there are fewer shares does tend to drive the price up as fewer shares tends to lead to a higher value per share. But they're well in control of the voting shares so that can't be it.
The price has collapsed the last few days so they're fighting the general chaos in the market, which isn't a good time to try to increase the price. They're pissing in the wind. If they lose just another 50c tomorrow, they'll be at an all-time low. So there seems to be some desperation and it seems to bear out my theory, which I've expounded before, that they're using their own shares as collateral against debts incurred by some of their other companies, either the football one in the Cayman Isles or their property business. During the 2008 crash, the value of their malls would certainly have decreased. A few went into liquidation and others were in default on their mortgage payments. Generally the lenders would want greater security for their loans and the only extra security they could offer was their shares in the rags. I think that would also explain why they haven't sold, even when the price was nearly double what it currently is.
So, if I'm right, they need to prop up the price to try to ensure they have adequate security for their various debts. That's one side of the equation but the other is that there could well be a global which will impact their mall properties, meaning they'd need even more security for their loans. They could possibly be in serious trouble if that happens. Fingers crossed!