Intrinsic value of Manchester United Cl A - MANU

Previous Close

$20.45

  Intrinsic Value

$99.86

stock screener

  Rating & Target

str. buy

+388%

Previous close

$20.45

 
Intrinsic value

$99.86

 
Up/down potential

+388%

 
Rating

str. buy

We calculate the intrinsic value of MANU stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  853
  945
  1,041
  1,142
  1,247
  1,356
  1,470
  1,589
  1,712
  1,840
  1,973
  2,111
  2,255
  2,404
  2,560
  2,721
  2,890
  3,065
  3,248
  3,438
  3,637
  3,844
  4,061
  4,287
  4,523
  4,770
  5,028
  5,298
  5,581
  5,877
Variable operating expenses, $m
  681
  744
  810
  879
  952
  1,027
  1,105
  1,187
  1,271
  1,359
  1,356
  1,451
  1,550
  1,653
  1,760
  1,871
  1,987
  2,107
  2,233
  2,364
  2,501
  2,643
  2,792
  2,947
  3,110
  3,279
  3,457
  3,643
  3,837
  4,040
Fixed operating expenses, $m
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  721
  785
  852
  922
  995
  1,071
  1,150
  1,233
  1,318
  1,407
  1,406
  1,502
  1,602
  1,706
  1,814
  1,926
  2,043
  2,165
  2,292
  2,424
  2,563
  2,706
  2,856
  3,013
  3,177
  3,348
  3,527
  3,715
  3,910
  4,115
Operating income, $m
  132
  160
  189
  220
  252
  285
  319
  355
  393
  432
  567
  609
  653
  698
  746
  795
  846
  900
  956
  1,014
  1,075
  1,138
  1,204
  1,274
  1,346
  1,422
  1,501
  1,584
  1,670
  1,761
EBITDA, $m
  401
  448
  497
  548
  601
  657
  715
  775
  838
  903
  971
  1,041
  1,114
  1,190
  1,269
  1,352
  1,438
  1,527
  1,620
  1,718
  1,819
  1,925
  2,035
  2,151
  2,271
  2,398
  2,530
  2,668
  2,812
  2,964
Interest expense (income), $m
  24
  36
  44
  53
  63
  73
  83
  94
  105
  117
  129
  141
  154
  168
  182
  197
  212
  228
  244
  262
  279
  298
  318
  338
  359
  381
  405
  429
  454
  481
  509
Earnings before tax, $m
  96
  116
  136
  157
  179
  202
  226
  250
  276
  303
  426
  455
  485
  516
  549
  583
  619
  656
  694
  735
  777
  821
  866
  914
  965
  1,017
  1,072
  1,130
  1,190
  1,253
Tax expense, $m
  26
  31
  37
  42
  48
  54
  61
  68
  75
  82
  115
  123
  131
  139
  148
  157
  167
  177
  187
  198
  210
  222
  234
  247
  260
  275
  289
  305
  321
  338
Net income, $m
  70
  84
  99
  114
  131
  147
  165
  183
  202
  221
  311
  332
  354
  377
  401
  426
  452
  479
  507
  536
  567
  599
  632
  668
  704
  742
  783
  825
  869
  915

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,251
  2,493
  2,747
  3,012
  3,289
  3,578
  3,879
  4,192
  4,517
  4,854
  5,205
  5,570
  5,949
  6,344
  6,754
  7,180
  7,625
  8,087
  8,569
  9,072
  9,596
  10,143
  10,714
  11,311
  11,934
  12,585
  13,267
  13,979
  14,725
  15,506
Adjusted assets (=assets-cash), $m
  2,251
  2,493
  2,747
  3,012
  3,289
  3,578
  3,879
  4,192
  4,517
  4,854
  5,205
  5,570
  5,949
  6,344
  6,754
  7,180
  7,625
  8,087
  8,569
  9,072
  9,596
  10,143
  10,714
  11,311
  11,934
  12,585
  13,267
  13,979
  14,725
  15,506
Revenue / Adjusted assets
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
Average production assets, $m
  873
  967
  1,065
  1,168
  1,275
  1,387
  1,504
  1,625
  1,751
  1,882
  2,018
  2,160
  2,307
  2,460
  2,619
  2,784
  2,956
  3,136
  3,322
  3,517
  3,721
  3,933
  4,154
  4,385
  4,627
  4,880
  5,144
  5,420
  5,709
  6,012
Working capital, $m
  -440
  -488
  -537
  -589
  -643
  -700
  -759
  -820
  -883
  -949
  -1,018
  -1,089
  -1,164
  -1,241
  -1,321
  -1,404
  -1,491
  -1,582
  -1,676
  -1,774
  -1,877
  -1,984
  -2,095
  -2,212
  -2,334
  -2,461
  -2,594
  -2,734
  -2,880
  -3,032
Total debt, $m
  822
  989
  1,164
  1,347
  1,537
  1,736
  1,944
  2,159
  2,383
  2,616
  2,858
  3,109
  3,370
  3,642
  3,924
  4,218
  4,524
  4,843
  5,175
  5,522
  5,883
  6,260
  6,653
  7,064
  7,493
  7,942
  8,412
  8,903
  9,417
  9,955
Total liabilities, $m
  1,551
  1,718
  1,893
  2,076
  2,266
  2,465
  2,673
  2,888
  3,112
  3,345
  3,587
  3,838
  4,099
  4,371
  4,653
  4,947
  5,253
  5,572
  5,904
  6,251
  6,612
  6,989
  7,382
  7,793
  8,222
  8,671
  9,141
  9,632
  10,146
  10,684
Total equity, $m
  700
  775
  854
  937
  1,023
  1,113
  1,206
  1,304
  1,405
  1,510
  1,619
  1,732
  1,850
  1,973
  2,100
  2,233
  2,371
  2,515
  2,665
  2,821
  2,984
  3,154
  3,332
  3,518
  3,711
  3,914
  4,126
  4,348
  4,580
  4,822
Total liabilities and equity, $m
  2,251
  2,493
  2,747
  3,013
  3,289
  3,578
  3,879
  4,192
  4,517
  4,855
  5,206
  5,570
  5,949
  6,344
  6,753
  7,180
  7,624
  8,087
  8,569
  9,072
  9,596
  10,143
  10,714
  11,311
  11,933
  12,585
  13,267
  13,980
  14,726
  15,506
Debt-to-equity ratio
  1.170
  1.280
  1.360
  1.440
  1.500
  1.560
  1.610
  1.660
  1.700
  1.730
  1.770
  1.790
  1.820
  1.850
  1.870
  1.890
  1.910
  1.930
  1.940
  1.960
  1.970
  1.980
  2.000
  2.010
  2.020
  2.030
  2.040
  2.050
  2.060
  2.060
Adjusted equity ratio
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  84
  99
  114
  131
  147
  165
  183
  202
  221
  311
  332
  354
  377
  401
  426
  452
  479
  507
  536
  567
  599
  632
  668
  704
  742
  783
  825
  869
  915
Depreciation, amort., depletion, $m
  269
  288
  308
  328
  350
  372
  395
  420
  445
  471
  404
  432
  461
  492
  524
  557
  591
  627
  664
  703
  744
  787
  831
  877
  925
  976
  1,029
  1,084
  1,142
  1,202
Funds from operations, $m
  339
  372
  407
  443
  480
  519
  560
  602
  646
  692
  714
  764
  815
  869
  925
  983
  1,043
  1,106
  1,171
  1,240
  1,311
  1,386
  1,463
  1,545
  1,630
  1,718
  1,811
  1,909
  2,010
  2,117
Change in working capital, $m
  -45
  -47
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -153
Cash from operations, $m
  384
  420
  456
  495
  534
  576
  619
  664
  710
  758
  783
  835
  889
  946
  1,005
  1,066
  1,130
  1,196
  1,266
  1,338
  1,414
  1,492
  1,575
  1,661
  1,751
  1,846
  1,945
  2,048
  2,156
  2,270
Maintenance CAPEX, $m
  -157
  -175
  -193
  -213
  -234
  -255
  -277
  -301
  -325
  -350
  -376
  -404
  -432
  -461
  -492
  -524
  -557
  -591
  -627
  -664
  -703
  -744
  -787
  -831
  -877
  -925
  -976
  -1,029
  -1,084
  -1,142
New CAPEX, $m
  -89
  -94
  -98
  -103
  -107
  -112
  -117
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -187
  -195
  -203
  -212
  -221
  -231
  -242
  -253
  -264
  -276
  -289
  -303
Cash from investing activities, $m
  -246
  -269
  -291
  -316
  -341
  -367
  -394
  -422
  -451
  -481
  -512
  -545
  -579
  -614
  -651
  -689
  -729
  -770
  -814
  -859
  -906
  -956
  -1,008
  -1,062
  -1,119
  -1,178
  -1,240
  -1,305
  -1,373
  -1,445
Free cash flow, $m
  138
  151
  165
  179
  193
  209
  225
  242
  259
  277
  270
  290
  311
  332
  354
  377
  401
  426
  452
  479
  507
  536
  567
  599
  633
  668
  704
  743
  783
  825
Issuance/(repayment) of debt, $m
  159
  167
  175
  183
  191
  199
  207
  215
  224
  233
  242
  251
  261
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  411
  429
  449
  469
  491
  514
  538
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  159
  167
  175
  183
  191
  199
  207
  215
  224
  233
  242
  251
  261
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  411
  429
  449
  469
  491
  514
  538
Total cash flow (excl. dividends), $m
  297
  318
  339
  362
  384
  408
  432
  457
  483
  510
  512
  541
  572
  603
  636
  671
  707
  744
  784
  825
  868
  913
  961
  1,010
  1,062
  1,117
  1,174
  1,234
  1,297
  1,363
Retained Cash Flow (-), $m
  -71
  -75
  -79
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  227
  243
  260
  279
  298
  318
  338
  360
  382
  405
  403
  428
  454
  481
  509
  538
  569
  601
  634
  669
  705
  743
  783
  825
  868
  914
  962
  1,012
  1,065
  1,120
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  217
  222
  227
  230
  231
  231
  229
  225
  219
  212
  191
  183
  173
  161
  149
  137
  124
  111
  98
  85
  73
  62
  51
  42
  34
  27
  21
  16
  12
  8
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Manchester United plc is engaged in the operation of a professional football club together with related and ancillary activities. Its football operations primarily comprise various activities, such as its first team, reserve team, youth academy, global scouting networks and other operations, such as its sport science, medical and fitness operations at the Aon Training Complex. It operates in three sectors, including Commercial, Broadcasting and Matchday. Within the Commercial revenue sector, the Company monetizes its global brand through approximately three revenue streams, such as sponsorship; retail, merchandising, apparel and product licensing, and mobile and content. It monetizes the value of its global brand and community of followers through marketing and sponsorship relationships with international and regional companies around the world. It markets and sells sports apparel, training and leisure wear and other clothing featuring the Manchester United brand on a global basis.

FINANCIAL RATIOS  of  Manchester United Cl A (MANU)

Valuation Ratios
P/E Ratio 70
Price to Sales 4.7
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 108.3
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.4%
Cap. Spend. - 3 Yr. Gr. Rate 14.3%
Financial Strength
Quick Ratio 50
Current Ratio 0
LT Debt to Equity 104.1%
Total Debt to Equity 105.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.2%
EBITDA Margin - 3 Yr. Avg. 35%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 9.8%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 30.4%
Eff/ Tax Rate - 3 Yr. Avg. 43.6%
Payout Ratio 58.3%

MANU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MANU stock intrinsic value calculation we used $765.749670619 million for the last fiscal year's total revenue generated by Manchester United Cl A. The default revenue input number comes from 0001 income statement of Manchester United Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MANU stock valuation model: a) initial revenue growth rate of 11.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MANU is calculated based on our internal credit rating of Manchester United Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Manchester United Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MANU stock the variable cost ratio is equal to 81.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for MANU stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Manchester United Cl A.

Corporate tax rate of 27% is the nominal tax rate for Manchester United Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MANU stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MANU are equal to 102.3%.

Life of production assets of 0 years is the average useful life of capital assets used in Manchester United Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MANU is equal to -51.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $629.27140975 million for Manchester United Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 40.195 million for Manchester United Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Manchester United Cl A at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ [$$] Sponsorship revenues slip at Man United   [07:40AM  Financial Times]
▶ Manchester United: Fiscal 1Q Earnings Snapshot   [07:15AM  Associated Press]
▶ [$$] The factoring of Riyad Mahrez   [Nov-11-18 09:18PM  Financial Times]
▶ Juve take charge of Group H with win at Man United   [Oct-23-18 07:51PM  Reuters Videos]
▶ Mourinho dismisses Real Madrid speculation   [Oct-22-18 11:38AM  Reuters Videos]
▶ Manchester United and True Religion Launch Denim Range   [Oct-19-18 01:37PM  Business Wire]
▶ Market Winners & Losers   [Oct-15-18 05:17PM  Yahoo Finance Video]
▶ Would you pay $235 for a soccer uniform?   [Sep-27-18 07:03AM  CNBC Videos]
▶ Manchester United: Fiscal 4Q Earnings Snapshot   [07:34AM  Associated Press]
▶ [$$] Opinion today: Canadas foreign policy whirlwind   [Sep-01-18 01:05AM  Financial Times]
▶ [$$] Note to José Mourinho: youre not special any more   [Aug-31-18 08:07AM  Financial Times]
▶ Tensions for Manchester United Reach Boiling Point   [Aug-27-18 10:18PM  The Wall Street Journal]
▶ [$$] Premier League footballers hedge against falling pound   [Aug-26-18 10:24PM  Financial Times]
▶ Pogba's Future At Man United Mired in Uncertainty   [Aug-21-18 09:36AM  Bloomberg]
▶ Manchester United Launch Free Official Global Mobile App   [Aug-17-18 03:13PM  Business Wire]
▶ [$$] Football clubs become a big draw for investors   [Aug-13-18 11:00PM  Financial Times]
▶ The English Premier League Has a Manchester City Problem   [Aug-09-18 07:45PM  The Wall Street Journal]
▶ Manchester United Announce Global Partnership with Chivas   [Aug-08-18 04:42AM  Business Wire]
▶ [$$] Arsenal Football Club: goon fishing   [Aug-06-18 10:53PM  Financial Times]
▶ Kohler Co. partners with Manchester United, puts logo on soccer team's uniform   [Jul-13-18 03:55PM  American City Business Journals]
▶ [$$] US sports investors prepare bids for AC Milan   [Jul-08-18 06:43AM  Financial Times]
▶ Soccer-Manchester United complete Fred signing   [Jun-21-18 09:27AM  Reuters]
▶ Forbes: Manchester United world's most valuable soccer team   [Jun-12-18 04:52PM  Associated Press]
▶ [$$] Dele Alli: not to be underestimated   [Jun-01-18 12:07AM  Financial Times]
▶ [$$] Football finance: get shirty   [May-31-18 11:45PM  Financial Times]
▶ The Latest: Klopp unhappy with Ramos 'wrestling' Salah   [May-26-18 07:29PM  Associated Press]
▶ FIFA Is About to Destroy World Soccer   [May-25-18 01:30AM  Bloomberg]
▶ [$$] How football stopped explaining the world   [12:01AM  Financial Times]
▶ [$$] Fifa postpones vote on radical tournament shake-up plans   [May-21-18 11:05PM  Financial Times]
▶ Manchester United: Fiscal 3Q Earnings Snapshot   [07:21AM  Associated Press]
▶ Gambling on Sports Betting: Fanduel and Churchill Downs make moves   [May-16-18 01:22PM  Yahoo Finance Video]
▶ Zlatan Ibrahimovics Debut in Los Angeles Is a Smash   [Apr-01-18 08:46PM  The Wall Street Journal]
▶ PRESS DIGEST- British Business - Feb 9   [Feb-08-18 07:41PM  Reuters]
▶ Manchester United reports 2Q loss   [08:19AM  Associated Press]

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