- The stock price of Manchester United (MANU) surged by 14.66% today. This is why.
The stock price of Manchester United (MANU) surged by 14.66% today.
Why: Manchester United announced that the company’s Board of Directors commenced a process to explore strategic alternatives for the club.
The process is designed to enhance the club’s future growth with the goal of positioning the club to capitalize on opportunities both on the pitch and commercially. And as part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company.
This includes an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.
The Raine Group is acting as the company’s exclusive financial advisor and Latham & Watkins LLP is legal counsel to the Company. And Rothschild and Co. is acting as exclusive financial advisor to the Glazer family shareholders.
“The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers. As we seek to continue building on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives. We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
— Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer