Manchester United Stock Spikes Higher On Report Of Apple's Interest In Buying Soccer Club

Bibhu Pattnaik

November 26, 2022

Manchester United PLC (NYSE:MANU) has announced that the soccer team’s owners are weighing a potential sale. The team said it was commencing a process to explore strategic alternatives, including a new investment.

On Thursday, it was reported that Apple Inc (NASDAQ:AAPL) is interested in buying the soccer team. MANU stock spiked over 12% during a shortened trading session on Friday.

Apple is reportedly considering acquiring the club for approximately $7 billion, which would be its first purchase of any sports team.

It may also become the most expensive sale of any football club in history. Earlier this year, Chelsea Football Club was sold for approximately $5.1 billion.

Also Read: Here's How Much Manchester United Stock Could Be Worth In Potential Sale

Manchester United has been listed on the New York Stock Exchange since 2012, when the Glazer family sold 10% of its holding via the listing and has sold more shares since.

“As we seek to continue building on the club’s history of success, the board has authorized a thorough evaluation of strategic alternatives,” Avram Glazer and Joel Glazer, executive co-chairmen and directors of Manchester United, said in a statement.

The Glazers bought the club for $939.07 million in 2005.

Last season, United finished in sixth position, the team's worst Premier League campaign for points earned. As a result, Manchester United failed to qualify for the European Champions League.

Photo via Shutterstock.

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