The early returns were literally positive in the wake of David Moyes' sacking on Tuesday - shares of Manchester United stock surged six per cent.
Manchester United already profiting from Moyes sacking
Typically, when a CEO is hired or fired by a major company, the stock market’s approval (or lack thereof) is reflected in the subsequent gain (or loss) in the share price of the company.
Turns out, the same thing happens to football clubs. And the market was none too big a fan of David Moyes.
Manchester United’s publicly traded stock, according to Agence France-Presse, rose to $19.19, a six per cent increase, yesterday after the club announced Moyes would be sacked.
It’s just one more piece of evidence that by the time his tenure had come to an end at United, almost nobody had any faith left in David Moyes.
Certainly not the smart money.
Here’s the full story from AFP, below:
Shares of Manchester United jumped six per cent Tuesday after the struggling Premier League giant sacked manager David Moyes just 10 months into the job.
Shares of the popular British football team, traded on the New York Stock Exchange, leaped in opening trade and rose to $19.18, before closing at $18.78, their best level since May 2, 2013.
The company announced Moyes’ departure ahead of the market opening, a much-anticipated move after the club’s poor showing this season.
Moyes was recruited to replace legendary manager Alex Ferguson last year, inheriting a team that had romped to the Premier League title – United’s 20th English League crown – by 11 points.
But under Moyes, 50, United have slumped to seventh place in the league table and been eliminated from both domestic cup competitions and the Champions League.
The club’s owners announced that veteran midfielder Ryan Giggs will serve as interim manager while they look for a permanent replacement.
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