Manchester United now worth $3 billion
The team had a rough ride after its August IPO. But its stock price has ticked up in recent weeks, much to the delight of billionaire investor George Soros.
It's been an extraordinary run for a team that was valued at $2.29 billion last August, when its IPO shares priced at $14 each. The Glazer family, which took the famous soccer club private in 2005, was hoping the IPO would value the team at more than $3 billion.
The family finally got its wish. Manchester United shares lingered for months below their IPO price, but began crawling up in November and finally erased the losses about two weeks ago. The stock surpassed the $17 mark last week, though it has fallen back and closed Tuesday at $16.34.
The recent rise was enough to push Manchester's enterprise value, which is its equity plus debt, to $3.3 billion, Forbes reports. The only other team that comes close to that is the Dallas Cowboys, which is worth about $2.1 billion.
That's good news for George Soros, the billionaire investor who plowed millions into the team after it went public. In a regulatory filing at the time, Soros's fund management company said it owned 3.1 million Class A shares, which were worth nearly $41 million, CNNMoney reported.
If he had held on to those shares, his stake would be worth about $50.7 million now. So that's a gain of about $10 million in five months.
More on moneyNOW
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
3 stocks will be in the spotlight Thursday as investors try to make sense of the numbers from the sector.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.