23rd April 2014
Manchester United may have had a wretched season on the pitch this year, but the sacking of manager David Moyes led to the share price hitting an 11-month high in online trading yesterday.
Rewind 24 hours and stocks slumped once it became mathematically impossible for United to reach the Champions League, following defeat to Moyes' former club Everton at the weekend, as that's bound to cost the club millions in lost revenue.
However, Tuesday's early morning sacking of the man hand-picked by Sir Alex Ferguson to succeed him helped shares go past $18 each for the first time since the end of last season, when – under Ferguson's tutelage – United clinched their 20th league title.
Club legend Ryan Giggs has been handed the manager's job until the end of the season, but investors will be keeping an eye on who the longer-term appointment will be, with Dutch coach Louis van Gaal the early frontrunner. By the time online trading on the New York Stock Exchange ended last night, United's shares were up nearly six per cent at $18.78 each.
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