Manchester United Share Price Soars After Rumours Of Apple Takeover
Despite having no experience in owning or managing any sports entity, let alone one with the size and history of Manchester Utd, Apple’s CEO Tim Cook is reportedly interested in buying the English football club.
Manchester United, a club rich in legacy, has been put up for sale by its current owners, the Glazers, an American billionaire family who have experienced a fractious relationship with the club’s hardcore fans for over a decade.
Bids Prepared
The Glazer family are ready to sell the club to the highest bidder, and Apple is rumoured to be preparing a £5.8 billion bid, with Cook set to instruct the opening of talks with banks appointed to handle the sale. The Glazers are believed to have originally wanted up to £8.25 billion but have revised their expectations due to current financial conditions.
With annual revenues of almost £320 billion and an approximate net worth of £2 trillion, there is no doubt Apple have the financial firepower to not only buy Manchester United but also provide the level of investment needed to restore the club to its former glory.
European football is awash with billionaire owners from around the globe, but Apple’s entry into the sport would make Manchester United the richest team in the world, dwarfing the resources available to clubs like Manchester City, PSG, or Newcastle.
A marriage between two of the world’s most famous and respected brands would be a sensational development and have a seismic impact on the world of football, where success on the field has become ever more dependent on finances off it.
Share Prices
Manchester United, which is listed on the NYSE, saw its share price increase by 26% upon news of a potential Apple takeover., while call option trading volume on the club’s stock was up by 97%. By the end of last week, Manchester United’s share price hit a four-year high.
Apple’s share price was down by 2% in Friday trading, but this was largely due to news of major protests being staged by workers at Foxconn’s iPhone assembly plant in China.
The Manchester United takeover story comes in the wake of wider speculation that Apple may be ready to spend billions to bring more live sport to its Apple TV+ streaming service.