Paddy Power bets on Man Utd shares
Bookmaker expects club share price to stay above $18.50 following Ferguson departure
Manchester United’s manager Alex Ferguson celebrates after his team clinched the English Premier League soccer titllast month. Ferguson will retire at the end of the season after more than 26 years in charge, bringing to a close the most glittering managerial career in British soccer.Photograph: Phil Noble/Reuters
The bookmaker is offering odds of 8/11 that the share price will be above $18.50 by the end of the year, and odds that it will fall below that level are even.
Owned by the American Glazer family, Manchester United debuted on the New York Stock Exchange in August last year, with shares priced at $14.
After an initial dip to $12 in September, shares recovered to hit a high of $19.34 in February.
The club claims to have more than 650 million followers worldwide and has signed a series of local and international sponsorship deals to cash in on its global fame. Revenues in the three months to March rose almost 30 pe rcent to £91.7 million, with the commercial sector which includes sponsorship showing the strongest growth. Profit before charges such as interest and tax was ahead of forecasts at £25 million
Additional reporting: Reuters.