Manchester United’s share price rose to its highest in 11 months today as the club announced the departure of manager David Moyes.
Opening at $17.90, the share price soon rose to $18.00 and stayed strong throughout the first hour of trading on the New York Stock Exchange.
Market traders in the US awoke to the news that David Moyes had left the club, to be replaced by club veteran Ryan Giggs until Manchester United had secured a long-term appointment.
On Monday, as news first emerged that the club were planning to sack their manager, Manchester United’s share price dropped sharply as the stock exchange opened, but soon recovered to finish the day on a strong $17.72.
That initially leaped up to $18.00 as the NYSE opened today, and share prices are now at their highest level since May 2013, when Alex Ferguson stepped down as manager.
Prices fluctuated gently but remained stable throughout the first hour of trading, with Man United’s share price at $17.97 after 60 minutes, up 1.41% on the previous day’s close of play.
After 90 minutes, it had reached $18.10, and after 105 minutes had hit a whopping $18.15.
But it didn’t stop there, after two hours shares were selling for $18.33. And 30 minutes later, they had leaped up once again, to $18.60.
With shares selling at this price, the value of the club on the NYSE was over $3billion, an increase of a staggering $100million since the day before, when Moyes was still manager.
Top Manchester United transfer target Toni Kroos is valued at US$50million (£30million), just half of the increase in the club’s value during the first two hours of market trading after David Moyes’ departure.
The last time Manchester United’s share price closed above $18.00 was on May 10, 2013 ($18.02), shortly after Sir Alex Ferguson announced his retirement.
Credit: mirror.co.uk