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Monday, April 21, 2014

Wednesday, January 30, 2013
Sports

MU valued at record $3.3b

Manchester United have become the world's first sports team to be valued at more than $3 billion, according to Forbes magazine.

A recent surge in the stock price of the English Premier League outfit has boosted the team's value to $3.3 billion, a story posted on the magazine's website reported.

United's most recent quarterly report four months ago listed their long-term outstanding debt at $560 million.

Shares of the team were offered to the public last August at $14 but are just under $17, boosting the wealth of the Glazer family, which has voting control of almost all of the team.

Famed investor George Soros was among those who purchased a stake in the 19-time English champions after shares went public.

Earnings dropped in the first quarter due to reduced television revenue, but Forbes credited the stock boost in part to bright prospects from new sponsor deals with China Construction Bank and Japan's Kansai.

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