Manchester United shares rise on Moyes sacking

<p>Ryan Giggs has replaced David Moyes as the club’s manager.</p>

The share price of Manchester United Football Club rose yesterday (April 22nd) following the news the team's manager David Moyes had been sacked.

Stocks in the Premier League club had been slipping in recent days as speculation grew on Moyes' future, but the board acted decisively early yesterday morning and confirmed the Scot is leaving the club.

Newspapers had already reported Moyes was on his way out of Old Trafford, with the owners of the club, the Glazer family, believed to be unhappy with his performance this season.

Moyes took over as Manchester United's manager last summer after being handpicked by outgoing boss Sir Alex Ferguson. But he found life hard at Old Trafford and United have slipped out of the European qualification places in the last few months.

A 2-0 defeat at Moyes' old club Everton over the weekend appears to have been the final nail in Moyes' coffin, with his sacking being confirmed a short time after the loss at Goodison Park.

Moyes had been given a six-year contract when he was appointed as Sir Alex's replacement at Old Trafford, but he only served 11 months of that deal before being shown the door.

Next manager

Speculation is now rife on who will be the next manager of Manchester United, with names such as Louis Van Gaal believed to be in the frame, although Jurgen Klopp and Pep Guardiola moved quickly to rule themselves out of contention.

Shares in Manchester United rose by almost six per cent on the Nasdaq yesterday after the sacking of Moyes was announced by the club, adding tens of millions of dollars to the value of the club in the space of just a few hours.

Manchester United are one of the dominant football teams of the modern era, having amassed handfuls of trophies in the long reign of Sir Alex, although they currently lie in seventh place in the Premier League, which would be their worst finish in many years.

Investors will now be keeping a close eye on who is selected to take over from club legend Giggs at the end of the season, with the veteran player only in charge on a temporary basis at the current time.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.