Man Utd shares rise in anticipation of Mourhino era
New manager’s arrival sparks 2.4% stock gain in New York
The impending arrival of Jose Mourinho at Manchester Utd saw stock rise in New York trading on Monday. Photograph: PA
Manchester United’s main stock market listing is in New York, although it has a secondary and less widely traded share listing in Frankfurt. Its New York-listed shares were up 2.4 per cent in early session trading on Monday.
British media reported that Mourinho (53) would take over at Manchester United even though Dutchman Louis van Gaal, who steered United to an extra-time FA Cup final win over Crystal Palace on Saturday, had a year left on his contract.
Mourinho, sacked by Chelsea in December after his second spell in charge of the west London club, has also managed Porto, Inter Milan and Real Madrid, winning Europe’s premier Champions League tournament with both Porto and Inter Milan.
Shares in Manchester United were listed on the New York Stock Exchange in 2012 in an initial public offering.
According to Thomson Reuters data, the Glazers’ Red Football LLC investment vehicle has a 20 per cent stake in the club’s New York-listed shares. US investment firms Baron Capital Management, Lansdowne Partners, Jupiter Asset Management and Fidelity are among other major institutional investors.
The New York-listed shares have fallen by around 3 per cent so far in 2016.
Earlier in May, Manchester United reported record third-quarter revenues and higher earnings.
However, van Gaal’s failure to steer his team to qualification for the Champions League is likely to have proved costly.
Manchester United said earlier this month that not getting into the Champions League would cost it more than £30 million ($43.5 million) in revenue next season.