Why Manchester United Stock Is Winning Today
A deep-pocketed bidder is reportedly lining up an offer for Manchester United (NYSE: MANU), and investors are cheering the development. Shares of the iconic English sports club traded up 16% on Wednesday on hopes an offer is forthcoming.
Manchester United is one of the most storied names in the English Premier League, and one of the few large soccer clubs that trades on U.S. public markets. The Glazer family, which owns the Tampa Bay Buccaneers National Football League franchise as well as a controlling interest in Manchester United, said last year it was exploring options for the soccer club.
Assets like Manchester United don't come on the market very often, and there has been some speculation that the club could sell for $5 billion to $6 billion. Sir Jim Ratcliffe, a Manchester United supporter who is CEO of British chemicals company INEOS, is rumored to interested, and if reports out of the U.K. on Wednesday are any indication, there could be a bidding war leading to a high valuation.
Source Fool.com
