Manchester United Stock Misfires For Glazers
An interesting trend is developing internationally as a number of American sports owners are trying their hand in the ownership of international soccer teams. The Fenway Sports Group has their fingerprints on Liverpool, Denver Nuggets owner Stan Kroenke has a stake in Arsenal, and the Glazer family (owners of the Tampa Bay Buccaneers) own Manchester United.
This has led to a tension filled dynamic between owner and fans, with many fans accusing ownership of these clubs of not knowing how to build a team and just being in it for the money.
The Glazers have done nothing to disprove that sentiment, failing to spend enough money on Manchester United to keep them at the level their fans have come to expect. They also released an IPO on the New York Stock Exchange two weeks ago, a stock which has failed thus far, down $0.58 in that time frame.
Purchasing the stock wouldn’t pay in the way of dividends and buying every share available for purchase would only give you a 2% share in the team, but anyone who buys it knows it is the same as buying stock in the Green Bay Packers in that it’s just another way to show you are a fan.
However, despite a worldwide following, the stock has failed so far, despite being held at its opening price of $14.00 after its first week by its underwriters Jefferies Group Inc, much to the dismay of the Glazers, who were hoping to use the money to wipe out the remainder of the debt they incurred by purchasing the club.
It makes sense, as you are essentially donating money to the team by purchasing the stock. You don’t get tickets, you don’t get team gear. It’s more or less a really terrible Manchester United fan club. This latest profiteering attempt by the Glazers is not off to a good start.
Would you buy stock in your favorite team so they had more money to work with? Leave your thoughts in the comments section below.