Man Utd share price skyrockets after Glazers announce sale plans
Karan Tejwani
- 23 Nov 2022 07:40 GMT
- 3 min read
Late on Tuesday evening, Manchester United released a statement saying the Glazer family were open to additional investment or potentially a sale of the club in the near future.
This comes after 17 years of ownership by the Glazer family and the news was met with delight by many of the club’s supporters, who had been waiting for this moment for a long time.
The club’s fans have protested their ownership for several years and matters reached a tipping point when Manchester United were part of a breakaway Super League plan in 2021.
READ: Man Utd owners to explore sale after Ronaldo release
Now, there is optimism for the future as Manchester United could have new owners in the coming months and there was already an immediate boost the club received.
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Man Utd share price goes up
In the immediate aftermath of the announcement by the club, Manchester United’s share price drastically went up, going up 17 percent to a peak of $15.30.
This added about $400 million to the club’s market capitalization - the value of a company that is traded on the stock market, calculated by multiplying the total number of shares by the present share price.
READ: 'Cristiano Ronaldo is finally free!': Twitter reacts to CR7 leaving Man Utd
It’s been reported that the Glazer family have spoken to Raine Group to handle the sale – the same group that managed Chelsea’s sale earlier this year as Roman Abramovich was sanctioned in Britain.
The Raine Group has a huge portfolio of potential investors who would be looking to invest in a massive institution like Manchester United and a sale could be completed in the coming months.
The Glazers borrowed over half a billion to buy United, made the club pay the interest and milked god-knows-how-much more out for themselves over 17 years. And now they’ll walk away with billions. It’s a scandal it was ever allowed to happen in the first place
— Si Lloyd (@SmnLlyd5) November 22, 2022
Rumours of a sale had been brewing for months but yesterday’s announcement came as a surprise given the speed of how quickly it was done and made public.
It isn’t clear who is interested in buying Manchester United yet: as of now, only one investor in Dubai, United Arab Emirates, has reportedly shown interest.
Read more about: Premier League, Man Utd
