Investing
Manchester United tanks on report Glazers may avoid sale with new investment
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(Reuters) – Shares of Manchester United PLC fell 13% on Monday after a report said the Glazer family was confident of securing an
(Reuters) – Shares of Manchester United PLC fell 13% on Monday after a report said the Glazer family was confident of securing an investment that would allow them to retain ownership of the British soccer club.
The family also expects the investment to help them double the value of the club over the next 10 years, ESPN reported, citing a source.
The English soccer club’s stock fell to $18.91, its lowest since late November, when the Glazers had started weighing options including new investment or a potential sale for the 20-time English champions that they bought 17 years ago for 790 million pounds ($977.31 million).
A small portion of the club’s shares is listed on the New York Stock Exchange. The market capitalization was about $3.6 billion as of Friday’s close.
Sky News reported on Saturday that U.S. private equity firm Carlyle Group Inc was in talks about a “major” investment as the auction of the Premier League soccer club entered its final stages.
In March, Reuters reported that the son of former Qatar Prime Minister Jassim bin Jabr Al Thani had submitted an improved bid to buy the club. The founder of chemicals producer INEOS put in a bid for the club in February.
Any sale of the club would likely exceed the biggest sports deal so far – the $5.2 billion including debt and investments paid for Chelsea – sources had told Reuters previously.
($1 = 0.8083 pounds)
(Reporting by Akash Sriram in Bengaluru; Editing by Devika Syamnath)
Market capitalization is the total market value of a company's outstanding shares, calculated by multiplying the current share price by the total number of shares outstanding.
Equity investment refers to the purchase of shares in a company, representing ownership in that company. Investors gain a claim on the company's assets and earnings.
An auction in finance is a process where securities or assets are sold to the highest bidder. It is commonly used for selling stocks, bonds, and real estate.
A stock decline occurs when the price of a company's shares decreases, often due to negative news or market conditions affecting investor confidence.
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