Skip to main content

Manchester United stock sinks 13.5% on a report that it's probably worth billions less than what its owners want to sell it for

By
A detailed view of the corner flag inside the stadium prior to the Premier League match between Manchester United and Norwich City at Old Trafford.
A detailed view of the corner flag inside the stadium prior to the Premier League match between Manchester United and Norwich City at Old Trafford.

Getty/Catherine Ivill

  • Manchester United stock fell as mush as 13.5% after a report suggested that it's worth billions less than the club's owners are seeking. 
  • A Financial Times analysis indicated that United's value is likely to be around $1.6 billion. 
  • However, the team's owners want at least $6 billion, per The Athletic.

Shares of Manchester United fell as much as 13.5% on reports that one of the world's biggest soccer clubs may be worth billions less than its owners are seeking.

US-listed shares hit an intraday low of $19.80 but pared losses and were down 9% at $20.87, indicating a market cap of $3.43 billion.

Prospective bidders have been lining up to buy the company with multibillion-dollar offers. The club's owners, the Glazer family, reportedly want at least $6 billion, per The Athletic.

But an analysis by the Financial Times suggested the team's value is much lower — likely around $1.6 billion. The news publication reviewed cash flow, earnings multiples of previous sales of various clubs, and revenues compared with competitors to determine its fair value.

However, United's future valuation could rise from other revenue streams like non-fungible tokens, the report said. The $1.6 billion valuation may ignore the intrinsic value of owning one of the sport's most notable franchises and brands as well. 

So far, a billionaire chief exec of a petrochemical producer, Jim Ratcliffe, as well as Qatari Sheikh Jassim bin Hamad al-Thani have formally expressed interest in bidding for the club. The two parties have been urged to raise their offers if they wanted to acquire it, the FT reported on Saturday.

Although the stock price has been mostly stagnant since it went public, reports in November that owners were planning a sale saw shares jump over 60% in the span of a week. 

Read the original article on Business Insider


from Business Insider https://ift.tt/eBv18Yk
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Instagram accidentally reinstated Pornhub’s banned account

By
After years of on-and-off temporary suspensions, Instagram permanently banned Pornhub’s account in September. Then, for a short period of time this weekend, the account was reinstated. By Tuesday, it was permanently banned again. “This was done in error,” an Instagram spokesperson told TechCrunch. “As we’ve said previously, we permanently disabled this Instagram account for repeatedly violating our policies.” Instagram’s content guidelines prohibit  nudity and sexual solicitation . A Pornhub spokesperson told TechCrunch, though, that they believe the adult streaming platform’s account did not violate any guidelines. Instagram has not commented on the exact reasoning for the ban, or which policies the account violated. It’s worrying from a moderation perspective if a permanently banned Instagram account can accidentally get switched back on. Pornhub told TechCrunch that its account even received a notice from Instagram, stating that its ban had been a mistake (that message itse...
Post a Comment
Read more

Colorado police identified the serial killer who murdered 4 women 40 years ago after exhuming his body to analyze a DNA sample

By
A scientist examines computer images of DNA models. Getty Images Police in Colorado have cracked the cold cases of four women killed 40 years ago. Denver PD said genetic genealogy and DNA analysis helped them identify the serial killer. He had died by suicide in jail in 1981. DNA from his exhumed body matched evidence from the murders. Police in Colorado have cracked the code on four murder cases that went unsolved for 40 years, using DNA from the killer's exhumed body. The cases pertain to four women killed in the Denver metro area between 1978 and 1981. They were 33-year-old Madeleine Furey-Livaudais, 53-year-old Dolores Barajas, 27-year-old Gwendolyn Harris, and 17-year-old Antoinette Parks. The four women were stabbed to death. Denver Police Commander Matt Clark said in a press conference Friday that there was an "underlying sexual component" to the murders but didn't elaborate further. In 2009, a detective reviewed Parks' case and picked several p...
Post a Comment
Read more

Gemini vs. ChatGPT: Which one planned my wedding better?

By
I was all about the wedding bells after getting engaged in June, but after seeing some of these wedding venue quotes, it’s more like alarm bells. "Ding-dong" has been remixed to "cha-ching" – and I need help. I don’t even know how to begin wedding planning. What are the first steps? What do I need to prioritize first? Which tasks are pressing – and which can wait a year or two? I decided to enlist the help of an AI assistant. Taking it one step further, I thought it’d be interesting to see which chatbot – Gemini Advanced or ChatGPT Plus (i.e., ChatGPT 4o) – is the better wedding planner. Gemini vs ChatGPT: Create a to-do list I’m planning on have my wedding in the summer of 2026 – sometime between August and September. Besides that, I don’t have anything else nailed down, so I asked both Gemini and ChatGPT to give me a to-do list based on the following prompt: “My wedding is between August 2026 and September 2026. Give me a to-do list of things to do for the...
Post a Comment
Read more