Manchester United sets new record
Manchester United has become the first sports team in the world to be valued at more than $3 billion.
A surge in the club's shares after a poor start when they were offered on the New York Stock Exchange in August has seen the overall value of United rise to $3.3 billion.
According to Forbes, United is comfortably ahead of the world's second-most-valuable sports team, the NFL's Dallas Cowboys, which is worth $2.1 billion.
The United shares initially were offered to the public at $14 and are now worth just less than $17.
It means a huge increase in the overall wealth of the Glazer family, which has a controlling interest in United, and billionaire investor George Soros — the 22nd richest person in the world — who bought a 7.5 percent stake in the club.
United's commercial growth appears to be driving the share price up. The club has announced several new sponsorship deals since August, has qualified for the Champions League knockout stages, and has the prospect of the new bumper Premier League television deals that are coming on stream from August.
The Glazers sold 10 percent of their shares in the initial public offering sale in August, but United's vice-chairman Ed Woodward insisted in October the family will not sell the club for "many, many years" despite ongoing interest.
Woodward said they had no interest in cashing in the rest of their holding.