Manchester United witnessed the biggest rise in its share price for nine years on Wednesday.
The club’s share price soared by almost 12%, the biggest rise in almost a decade.
While the reason for such an increase remains unclear, this drastic change came just a day after ex-United director Micheal Knighton stated his intention of staging a hostile takeover from the Glazers, who he labelled as inept and accused of using the club as a cash cow.
Since 2013 when the Red Devils won their last league title, the club has been on a steep decline amidst heavy fan discontent with the club’s ownership by the Glazer family.
During that time, the club’s value has also been plummeting and currently appears to be on its knees in comparison with other European giants.
Knighton’s interview may have sent United supporters into a frenzy but according to a recent report, the billionaire is not seen as a credible candidate to force the Glazers’ hand.
— Simon Stone (@sistoney67) August 10, 2022
With the shares jumping an incredible 11.94% on Wednesday, this represents the biggest increase since the Glazer family last sold shares during an initial public offering on the New York Stock Exchange in 2012.
On the same day, 1.8 million shares were also traded in total.
This is four times the average number over the last 10 days.
Earlier this month, United agreed to the introduction of a fan share scheme.
The fan share scheme would see fans gain a higher degree of control with regard to how the club is run.
The most radical proposal contained in the fan share scheme is that stake owned by supporters would hold more influence than shares available publicly via the stock market.
United’s greedy owners will certainly be pleased with the news that will see them make huge financial gains.