Manchester United's listing on the New York Stock Exchange last year was anything but smooth – but one year on, success on the soccer pitch has helped the club's shares soar, analysts told CNBC.
Shares in Manchester United are up around 20 percent since the club's flotation on August 10 2012, following a shaky start which saw them fall from a flotation price of $14 to lows of around $12 in September. On Friday, shares were trading around $17.
Michael Jarman, chief market strategist at H2O Markets, said Manchester United's successful year on the pitch – during which it won the prestigious English Premier League – was a key driver of its stock price.
"They are one of the most successful teams in English soccer history. That is massively important to maintain," he told CNBC. "If you have underperformance, where do you think investors will go?"
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Richard Hunter, head of U.K. equities at Hargreaves Lansdown, agreed. "Ultimately a soccer club is driven by its success on the field," he said. "At the end of the day, it's a sports franchise and inevitably its share price will be tied to what they do in terms of soccer."