Joel, left, and Avram Glazer, owners of Manchester United, appear on the fllor of the New York Stock Exchange for the initial public offering of the club’s shares in August 2012. Photograph: Justin Lane/EPA
The Glazer family remain “comfortable” about Manchester United‘s stockmarket value despite a fall in its share price on the New York Stock Exchange, according to sources close to the club.
United’s shares were trading at $15.16 (£9.26) when the market opened on Monday – well down on a high last May of $19.34 and heading towards the 12-month low of $14.39.
That can be seen as a drop in the club’s value of £250m but sources say the Glazer family, who own United, take a long-term view about the value of the shares, which were floated at $14 in New York in August 2012.
One United source said: “The Glazer family take very much a long-term view about share prices and the value of the club – there have been a number of fluctuations in the last 18 months but they remain comfortable about the current position.”
In the last year there have been numerous ups and downs – the announcement by Sir Alex Ferguson last May that he was retiring led to a sharp drop in the share price.
The price recovered over the summer but there was another fall in October, only for promising financial figures from the club for the first quarter to prompt a recovery, and then another swift fall in December.
United’s comparatively poor form on the pitch this season – they are by no means assured of a place in the Champions League – may be a cause for concern for some investors, but in financial terms the club is expected to post record revenues this season.
The Glazers are also understood to be determined to have patience with Ferguson’s successor, David Moyes, understanding that he will need time to settle in.
Moyes was given a six-year contract in the summer, a statement of intent by the owners that they view him, as well as the club, as a long-term investment.