Man Utd stock is up 12% since the Glazers announced they were interested in selling

Manchester United’s share price is growing on the New York Stock Exchange just days after the Glazer family announced their intention to sell the club.

The American Glazer family have spent 17 years at Old Trafford, and while they have enjoyed some success in their last few years as manager to Sir Alex Ferguson, the club has largely declined under their stewardship and the fans have protested against the owners regularly.

The club is for sale and this has affected its share price. Media reports indicate that the price has jumped as much as 12% in recent volatile markets.

Manchester United issued a statement earlier this week confirming that the Glazers are considering “all strategic alternatives”. The news was largely greeted with jubilation by United supporters, who have struggled to reach the hosts since the controversial 2005 takeover.

The statement read: “Manchester United plc today announces that the company’s board of directors has begun a process to explore strategic alternatives for the club.

“This operation is designed to foster the future growth of the club, with the ultimate goal of positioning the club to take advantage of opportunities both on the field and at a commercial level.

As part of this process, the Board of Directors will consider all strategic alternatives, including new investment in the club, sale, or other transactions involving the company.

“This will involve an assessment of several initiatives to strengthen the club, including the redevelopment of the stadium and infrastructure, and the expansion of the club’s commercial operations on a global scale, all in the context of promoting the long-term success of the club men and women and the academy, and delivering benefits to fans and other stakeholders.

Avram Glazer and Joel Glazer added: “The strength of Manchester United depends on the passion and loyalty of our global community of 1.1 billion fans and followers.

“As we seek to continue to build on the club’s history of success, the Board has authorized a comprehensive assessment of strategic alternatives.

“We will evaluate all options to ensure that we are providing the best service to our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.

“Throughout this process, we will remain fully focused on serving the best interests of our fans, shareholders and various stakeholders.”

Publicly traded shares of Manchester United Football Club rose again earlier this week. The club announced that it was “exploring strategic alternatives” to its stock.

Essentially it means they are looking for a sale, although there is no guarantee of a gun deal similar to what Todd Bohle achieved in his Chelsea acquisition following Roman Abramovich’s exit.

Investors are often excited when news like this comes out, though there are a few publicly traded sports teams for such entrepreneurs to make money. American franchises such as the New York Knicks and Atlanta Brave are two examples of publicly owned sports teams.

Man Utd first went on the New York Stock Exchange in 2012, starting at $14 a share. There have been modest losses since then but in the past week or so, the stock has been buoyant.

On Wednesday, November 23, the share price rose 25.84% to close at $18.80, up nearly 44% in two trading days.

There is a lot going on in the world of football at the moment. Fortunately, Manchester United saved everyone from a long saga by mutually agreeing to terminate Cristiano Ronaldo’s contract after his interview with Piers Morgan.

Harry Symeou hosts Scott Saunders, Griez Khan and Jack Gallagher for a look at France 98 as part of their ‘Our World Cup’ series. We’re taking a trip down memory lane – join us!

If you don’t see the podcast embedded, tap over here Download or listen to the entire episode!

On Tuesday, November 22nd, stocks fell in light of the decision to award Ronaldo the boot, though the fact it has since recovered is promising news.

Sir Jim Ratcliffe, commonly referred to as Britain’s richest man, is expected to make a bid to take control of it Manchester Unitedhaving previously expressed interest.

Ratcliffe, a petrochemicals billionaire, also owns Nice in Ligue 1 and was part of the bidding process for Chelsea before Boehly topped.

A group of wealthy United fans known as the Red Knights have also been floated as potential buyers. Including Keith Harris, Lord O’Neill and Sir Paul Marshall, the group was expected to bring in £1.25 billion for the club in 2010, but “inflated valuation aspirations” saw the deal collapse.

Source link

Related Posts