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

Watch Aidy Bryant *completely* lose it as 'SNL' roasts political pundits

By
On Saturday Night Live , there are breaks and then there's whatever happened here. The Season 45 premiere featured a sketch that was meant to expose the empty noisemaking of political punditry on TV. But part of the joke involved a series of quick costume changes, and some weirdness during one of those switches led to a complete and total breakdown. Aidy Bryant, the segment's host, couldn't take it. She manages to keep it together until what appears to be an accidental wide shot exposes some of the magic as we see a woman who's probably a member of the SNL wardrobe crew fiddling with Aidy's costume. Read more... More about Saturday Night Live , Aidy Bryant , Entertainment , and Movies Tv Shows from Mashable https://ift.tt/2okrAOq via IFTTT
Post a Comment
Read more

California Gov. Newsom vetoes bill SB 1047 that aims to prevent AI disasters

By
California Gov. Gavin Newsom has vetoed bill SB 1047, which aims to prevent bad actors from using AI to cause "critical harm" to humans. The California state assembly passed the legislation by a margin of 41-9 on August 28, but several organizations including the Chamber of Commerce had urged Newsom to veto the bill . In his veto message on Sept. 29, Newsom said the bill is "well-intentioned" but "does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data. Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it."  SB 1047 would have made the developers of AI models liable for adopting safety protocols that would stop catastrophic uses of their technology. That includes preventive measures such as testing and outside risk assessment, as well as an "emergency stop" that would completely shut down...
Post a Comment
Read more