Manchester United Shares Rise

Mal­colm Glazer

Manchester United shares rose on their second day of trad­ing on Wall Street, climb­ing nine per­cent above their ini­tial price in their mar­ket debut last Fri­day. Manchester United co-chairmen Avram and Joel Glazer both rang the open­ing bell at the New York Stock Exchange on August 10th as 16.6 mil­lion shares were pub­licly traded.

The cur­rent own­ers of Manchester United have been heav­ily cri­ti­cised by the Old Traf­ford faith­ful for keep­ing half the pro­ceeds of the Ini­tial Pub­lic Offer­ing them­selves. Mal­colm Glazer and his fam­ily, who took com­plete con­trol of Manchester United Foot­ball Club at the begin­ning of the 2005-06 cam­paign, banked £75 mil­lion from the Old Traf­ford club’s flot­a­tion on the New York Stock Exchange last week. David Gill: “They own the club. They are entitled to sell to investors who want to be a part of Manchester United.”

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