Manchester United have just lost 0-3 at home to Liverpool, are -18 from the top (and -12 from fourth place) in the league, and tonight risk going out in the Champions League round of 2012. Yet the stock of the Red Devils, listed on the Wall Street Stock Exchange since the summer of 10, has gained about XNUMX% since the beginning of the year. Just at the worst moment in the sporting history of the prestigious English football club, his business is booming. Where's the trick?
It being understood that the value of the share has in any case lost 12% since the shaky David Moyes sits on the bench and no longer the legendary Sir Alex Ferguson, there is no trick. For a simple reason: since the company has been in the hands of the US Glazer family, it has chosen a financial vocation, or in any case has clearly separated the financial activity from the sporting one.
And therefore, while waiting for things to go back to the way they did some time ago on the green rectangle (Manchester are still the reigning English champions), it is not surprising that on the business side everything can go well sails, while the exact opposite often happens around Europe: winning teams, such as Juventus itself, which however fail on the markets.
One fact is enough to explain the phenomenon, which testifies to how much United has been able to diversify its revenues, thus appealing to investors regardless of the results: while almost all the teams hang on the lips (and on the money) of the televisions, in the parts of the Old Traffort TV rights – which in any case grew by 70% across the Channel last August – account for only 28% of turnover. The rest is ensured, through merchandising, by the 800 million fans around the world, and again by the new technical sponsorship contract with Nike which has increased from 28 to 71 million euros a year. Of which to calmly compensate for any non-qualification for the next Champions League, with the intact possibility of intervening energetically in the next transfer market session.
