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Published By: Ritayan Basu
Last Updated: June 28, 2023, 15:39 IST
Jassim bin Hamad Al Thani, the Qatari Sheikh, who is looking to buy Manchester United. (Image Credit: Twitter)
Manchester United’s stock price hasrisen by over 24.22 percent over the last month and has returned nearly 113 percent over the past year-long period
Stock of English football club Manchester United PLC (MANU) continued a month-long positive beat to close 7 per cent higher on Tuesday after beating Wall Street estimates for revenue even though it fell short of EPS (earnings per share) estimates). The football company announced a loss of 9 cents per share against the expected 5 cents per share. However, the missed EPS was not enough to deter investors after the company posted its third quarter earnings report.
MANU shares closed at $24 on Tuesday on the NYSE, up 7 percent over the previous close. The previous month has seen the club stock rise by over 24.22 percent, and the stock has returned nearly 113 percent over the past year-long period.
Manchester United surpassed revenue expectations, reporting revenues amounting to $206.539 million against the estimated $173.69 billion. The Premier League team’s revenues have seen an impressive increase of 11 percent quarter-over-quarter, with the operating loss shrinking considerably compared to the previous year’s figures. Commercial revenue was up by 5.8 percent, matchday revenue jumped by 39.8 percent, and the club reported record ticket sales of 2.4 million.
This unexpected surge in stock price is largely due to speculation of an impending sale, with potential buyers including Qatar’s Sheikh Jassim and UK billionaire Jim Ratcliffe. The persistent rumours and anticipation amongst investors and fans alike have ignited a fresh wave of optimism, along with a potential reentry to the European Champions League.
It is being anticipated by fans and investors that Old Trafford-based outfit will be sold by the current owners Glazers to Qatar’s Sheikh Jassim over British Billionaire Sir Jim Ratcliffe. Sheikh Jassim has offered to buyout the Galzers from the ownership whereas Sir Jim Ratcliffe has offered a partial buyout. The Glazers have not been able to come to a final decision and have been in a dilemma for several months now.
Manchester United manager Erik Ten Hag’s transfer plans will not be affected by the financial developments in the stock market. The Dutchman has been allotted a little over 100 million pounds which can be supplemented by the sale and transfer of current players.
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