Manchester United saw its stock value rocketed by £212m as its former player Christiano Ronaldo was announced that he will be returning to the club.
It was looking as if Ronaldo would sign a deal with Manchester City on Thursday, which makes the news a shocking one when the announcement came on Friday that the five-time Ballon d’Or winner would be joining Man United in a fast-moving deal. After the announcement was made on United’s social media page, the club’s share price rose by 9.9%.
On Friday morning, United’s share prices opened at $17.38 (£12.62) but shortly after, they rocketed to as high as $19.09 (£13.87), which means that the club’s overall market value increased by $293m (£212m).
Although the shares later fell slightly after the initial shock factor passed but is still up by more than 6%.
This isn’t the first time that a club’s shares will rise after Ronaldo joins, for instance when he joined Juventus back in 2018, its shares also rocketed by 30 percent.
Ronaldo shared a video on his Instagram account announcing his departure from Juventus and thanking the fans for their support. He stated, “In the end, we can all look back and realize that we achieved great things, not all that we wanted, but still, we wrote a pretty beautiful story together.”
Ronaldo would be joining the English team on a 15 million euro deal with a potential for 8 million euro in add-ons over two years, ESPN reported, citing sources.