New York, NY, United States (4E Sports) – Manchester United became the first sports team to be valued more than $3 billion after a surge in club’s shares on the New York Stock Exchange, according to Forbes Magazine.
With the rise in value of Manchester United’s shares after a poor debut on the New York Stock Exchange in August, Forbes Magazine has put the team’s overall worth at $3.3 billion.
The magazine also reported that Manchester United is comfortably ahead of the world’s second-most-valuable sports team, the NFL’s Dallas Cowboys, worth $2.1 billion.
Initially offered to the public at $14, United shares are now worth just under $17. Overall, the outstanding value of the team’s market share is now $2.78 billion.
The demand for shares of the 19-time English champion has been boosted by better earnings and new sponsorship deals with Japan’s Kansai and China Construction Bank.
Demand is also expected to further rise because of the club’s English Premier League standings and Champions League potential.
The rise in value could also mean an increase in overall wealth of the Glazer family, who holds the controlling interest in United, and billionaire investor George Soros — the 22nd richest person in the world — who bought a 7.5 percent stake in the club.
In August, the Glazers sold 10 percent of their shares in the initial public offering sale. However, United vice chairman Ed Woodward insisted the family will not sell the club for “many, many years” despite ongoing interest.