31 August 2018•Update: 07 September 2018
By Ovunc Kutlu
NEW YORK
English soccer club Manchester United saw its stock value hit an all-time high on the New York Stock Exchange on Friday, despite the team’s struggles in the English Premier League.
The club’s stock price climbed to as high as $27.70 for a more than 10 percent gain for the day.
The record level gave Manchester United a market capitalization of $4.59 billion.
The National Football League's Dallas Cowboys is the world's most valuable sports franchise with a market value of $4.8 billion, according to Forbes magazine. Manchester United comes in second place.
The recent surge in Manchester United stock price came despite the weak start of the club in its domestic league.
The club lost two of three matches in the Premier League, while its Portuguese manager Jose Mourinho could be sacked if results don’t improve, according to experts.
The record stock price, however, comes due to strong demand from investors, according to financial analysts.
The club saw its stock price gain around 33 percent since the beginning of August.
Manchester United had its initial public offering on the New York Stock Exchange in August 2012, while on the London Stock Exchange came in June 1991.
