Manchester United (NYSE:MANU) stock is a hot topic on Friday as reports spread that Jim Ratcliffe is seeking to acquire a stake in the soccer club.
According to reports, the billionaire would get a minority stake in Manchester United with his investment. Insiders claim that Ratcliffe’s purchase would see him obtain 25% of Manchester United’s Class A and Class B shares.
It’s unclear exactly how many shares of MANU stock Ratcliffe would acquire in this alleged deal. However, insiders say that he will spend $33 per share to acquire this stake. It looks like the transaction would be between Ratcliffe’s Ineos Sports and the Glazer family, which holds a 69% stake in the company.
Other recent Manchester United stock news worth mentioning is the departure of its CEO. Richard Arnold has stepped down, leaving General Counsel Patrick Stewart to serve as interim CEO as the company searches for a replacement. Arnold is remaining at Manchester United through the rest of the year to support a smooth transition.
MANU Stock Movement on Friday
MANU stock is seeing heavy trading on Friday with some 1.4 million shares changing hands. That’s already above its daily average trading volume of about 1.1 million shares.
MANU stock is up 7.6% as of Friday morning but down 12.8% year-to-date (YTD).
Investors seeking out even more of the most recent stock market stories on Friday will want to stick around!
We have all of the hottest stock market coverage that traders will want to read about today! That includes what’s going on with shares of Fisker (NYSE:FSR), Archer Aviation (NYSE:ACHR) and Applied Materials (NASDAQ:AMAT) stock today. All of that news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
