Manchester United Shares Rise
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.”