Manchester United shares up 7% on management change

Manchester United shares up 7% on management change. Shares of Manchester United, one of the world's richest soccer clubs and probably the world's most valuable publicly listed sporting organisation, are up by as much as 7%, and hitting their highest levels in about 11 months. Why? The club fired manager David Moyes today after what some are describing as its worst season ever. A loss at the weekend consigned the team to missing out on next year's lucrative UEFA European Champions League tournament for the first time since 1996 and is currently sitting seventh in the Premier League. It seems that more than just reputations are at stake. Deutsche Bank estimated earlier this year that missing out on the Champions League could cost the organization £15 million, plus £1.25 million for each position it finishes below fourth. No wonder investors are cheering a change. Read More: (VIEW LINK)