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.
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.
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