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Lista records over 2M transactions a year after launch

FINANCIAL MANAGEMENT application Lista has recorded over two million transactions just a year after its launch.

“When we started Lista, the problem that we saw was there were no available tools in the market in terms of managing finances. The tools that were out there were either complex, or they were either not built for Filipinos,” Lista Co-Founder Aaron M. Villegas said at a briefing on Wednesday.

“So, we came up with Lista, which is a simple financial management app. Our goal is to essentially help our fellow Filipinos improve their finances and make it more digestible. And we’ve been so lucky that within just a year we have seen a wide range of users,” he said.

Lista, a free application, allows merchants and individuals to track the flow of money and see their profits and savings in real-time.

Since it was launched in September last year, Lista recorded a total of 2.4 million money in transactions, with a value of P7.8 billion. With expenses, it has recorded 2.3 million transactions valued at P5.5 billion.

The application can also help record and collect debts. Mr. Villegas said they have recorded 879,000 transactions or P2.1 billion from lenders, and borrowers were able to pay around 70% of their debt.

Mr. Villegas noted that their users have been collecting debt three times faster with Lista.

He said the app has now over 1.4 million downloads across the country.

The company also raised around $5.8 million or around P336 million in capital within a year from foreign investors, he said.

On Wednesday, the financial technology startup introduced a budgeting feature within the Lista app, which allows users to set weekly, semi-monthly, or monthly budgeting cycles to track their expenses and savings.

“Being aware of how we spend is one of the best ways to utilize money. Through Personal Budgeting on Lista, we envision every Filipino to easily gain financial clarity through the help of technology,” Mr. Villegas said.

“With the holidays coming up, whether you’re planning to buy gifts or a spread for your Christmas celebration, Lista makes it easy to see where your hard-earned money goes, and helps you maximize your budget to help you give more to what’s most important in your life.” — KBT

Bayer launches P750-M integrated office in Taguig City

BAYER Philippines, Inc. inaugurated on Wednesday its integrated office worth P750 million in Taguig City as part of efforts to centralize its operations in the country.

In a launch event, Bayer Chief Operating Officer in ASEAN Ernst Coppens said that the new office is the largest office project of the group in the Association of Southeast Asian Nations (ASEAN) region.

The new office occupies four floors at the Science Hub 1 in McKinley Hill Cyberpark, Taguig City and centralizes the operations of Bayer’s crop science, pharmaceuticals, and consumer health divisions and its global business services.

Bayer currently has over 1,800 employees in the Philippines.

“This is the biggest office project of Bayer in ASEAN. Since Bayer started the global transformation program in 2021, over 70 projects at Bayer sites are adopting the next normal office concept. Coming out of the pandemic, five out of six main offices in ASEAN have completed this transformation,” Mr. Coppens said.

The office features a variety of formal and informal work areas with sit-to-stand ergonomic desks and chairs, stationary bike desks, stand-alone pods, huddle spaces for quick group catch-ups, and meeting rooms.

It also has a multi-faith room, deaf-friendly safety alarms, braille on key signages, a mother’s room for nursing moms, and gender-neutral toilets. The new office has recreational facilities such as chess, air hockey, football, sub-soccer tables, a dedicated game room and nap areas, and a gym with free fitness classes.

Meanwhile, Bayer said its “Bayer Kubo” program offers support for smallholder farming communities such as capacity-building programs on reproductive health and family planning, self-care, nutrition, and agri-oriented financial management and best practices.

“We are celebrating our 60th year with a P750-million new office investment from where we will continue to deliver our innovative products, solutions, and services for Filipino farmers, patients, and consumers. This is in line with Bayer’s vision of Health for All, Hunger for None,” Bayer Philippines Managing Director Angel Michael Evangelista said. — Revin Mikhael D. Ochave

How PSEi member stocks performed — November 23, 2022

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 23, 2022.


Manila lags in ‘smart’ city rankings

Manila ranked 176th out of 183 cities in the eighth edition of Cities in Motion Index (CIMI) by Spain-based University of Navarra’s IESE Business School. The Philippine capital ranked last among East and Southeast Asian cities included in the list with a CIMI value of 20.87 out of a possible 100. The index ranks countries in terms of their positions in sustainability, fairness, and livability based on nine dimensions.* Manila ranked highest in international profile dimension (101st), and lowest in environment dimension (177th).

Manila lags in ‘smart’ city rankings

Shares rise on hopes of less aggressive rate hikes

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE STOCKS stayed in positive territory on Wednesday on hopes of smaller rate hikes from the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

The Philippine Stock Exchange index (PSEi) gained 80.67 points or 1.25% to close at 6,510.32 on Wednesday, while the broader all shares index rose by 25.61 points or 0.75% to 3,415.76.

“The market has broken above a key resistance of 6,500 as risk appetite improves on the view that aggressive central banks’ interest rate hiking cycle is about to end as inflation tapers,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in an e-mail.

“The local market continued to head higher — breaching the 6,500 resistance level — due to positive sentiment spillover following the overnight rally in Wall Street on expectations that the Fed will scale back its tightening pace amid prospects of easing inflation,” China Bank Securities Corp. Research Analyst Lance U. Soledad said in an e-mail.

Mr. Soledad added that minutes of the Fed’s November meeting will be released overnight, which could provide hints on the US central bank’s next policy move.

The US central bank raised borrowing costs by 75 basis points (bps) for a fourth straight time this month, bringing the fed funds rate to a 3.75-4% range. It has hiked rates by 375 bps since March and is expected to deliver smaller increases as early as its Dec. 13-14 meeting.

Meanwhile, the BSP last week likewise increased benchmark rates by 75 bps to match the Fed and rein in rising inflation. It has hiked rates by 300 bps since May.

BSP Governor Felipe M. Medalla on Tuesday ruled out further jumbo or off-cycle increases, but said they will need to keep on raising rates as the Fed’s own tightening cycle continues. The Monetary Board’s next review will be held on Dec. 15.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message that the PSEi closed higher on thin trading due to a lack of leads.

All sectoral indices ended in green on Wednesday. Property surged by 72.05 points or 2.56% to 2,879.68; holding firms climbed by 95.12 points or 1.56% to 6,190.11; mining and oil went up by 119.71 points or 1.23% to 9,802.22; industrials rose by 81.22 points or 0.85% to 9,593.49; financials added 2.83 points or 0.17% to end at 1,636.21; while services gained 2.35 points or 0.14% to close at 1,658.90.

Value turnover went up to P5.88 billion on Wednesday with 802.39 million shares changing hands from the P5.39 billion with 525.99 million shares traded on Tuesday. 

Advancers outnumbered decliners, 105 versus 83, while 46 names closed unchanged.

Net foreign buying went up to P423.97 million on Wednesday from P289.03 million on Tuesday.

China Bank Securities’ Mr. Soledad placed the PSEi’s immediate support and resistance at 6,380 and 6,600, respectively; while AB Capital Securities’ Mr. Vistan put support at 6,420 and resistance at 6,550. — A.E.O. Jose

Peso returns to P56:$1 level as market awaits Fed meet minutes

BW FILE PHOTO

THE PESO climbed to return to the P56-per-dollar level versus the greenback on Wednesday ahead of the release of the minutes of the US Federal Reserve’s latest policy meeting, which could provide hints on its next move.

The local unit closed at P56.94 per dollar on Wednesday, surging by 43.5 centavos from its Tuesday finish of P57.375, Bankers’ Association of the Philippines data showed.

This is the peso’s strongest close in over two months and the first time it ended at the P56 level since its P56.77-a-dollar finish on Sept. 13.

The peso opened Wednesday’s session stronger at P57.25 against the dollar. Its weakest showing was at P57.33, while its intraday best was at its close of P56.94 versus the greenback.

Dollars exchanged inched up to $688.85 million on Wednesday from $684.4 million on Tuesday.

“The peso appreciated amid less hawkish market expectations ahead of the Federal Reserve policy minutes release overnight,” a trader said in an e-mail.

The local currency also strengthened on recent comments from Fed officials that indicated openness to slower rate hikes moving forward, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US central bank raised borrowing costs by 75 basis points (bps) for a fourth straight time this month, bringing the fed funds rate to a 3.75-4% range. It has hiked rates by 375 bps since March amid elevated inflation and is expected to deliver smaller increases as early as its Dec. 13-14 meeting.

US consumer inflation rose to 7.7% year-on-year in October, slower than the 8.2% print in September, raising expectations of less aggressive tightening.

The peso was also supported by positive sentiment after the Philippine president denied rumors of a shakeup in his economic team, Mr. Ricafort said. 

President Ferdinand R. Marcos, Jr. dismissed as “fake news” reports that Finance Secretary Benjamin E. Diokno will leave his post.

For Thursday, the trader said the peso may continue to strengthen on a potentially weaker US durable goods report.

The trader gave a forecast range of P56.80 to P57.05 on Thursday, while Mr. Ricafort expects the local unit to move within P56.85 to P57.15 per dollar. — K.B. Ta-asan

France beats Australia in opener as Giroud equals scoring record

FRANCE VS AUSTRALIA — Al Janoub Stadium, Al Wakrah, Qatar, France’s Olivier Giroud shoots at goal. — REUTERS/MOLLY DARLINGTON

World Cup shocker: Saudi Arabia stuns Argentina

AL WAKRAH, Qatar — France started their World Cup title defense in style with a 4-1 comeback win against Australia on Tuesday, with Olivier Giroud scoring two goals to become Les Bleus’ joint all-time top scorer.

Giroud netted before and after the break to take his tally to 51 goals, matching Thierry Henry’s mark. He scored either side of a Kylian Mbappe goal after Adrien Rabiot had leveled for France following Craig Goodwin’s shock early opener.

Les Bleus are the first defending champions to win their opening match since Brazil in 2006, which has already put them in a good position to advance from the group phase, something Italy in 2010, Spain in 2014 and Germany in 2018 failed to do.

France, whose defender Lucas Hernandez was ruled out of the World Cup after picking up a serious knee injury in the first half, have three points and lead Tunisia and Denmark by two after they played out a 0-0 draw on Tuesday.

Didier Deschamps’s side, who started the tournament on the back of the disappointment of striker Karim Benzema being ruled out injured last Saturday, next face Denmark on Saturday.

Australia coach Graham Arnold said his team ran out of gas against a superior side.

It was not quite the start France were expecting at the Al Janoub stadium.

Australia’s Goodwin smacked the ball into the roof of the net from Mathew Leckie’s cross from the right, leaving Lucas Hernandez holding his right knee after being beaten to the ball after nine minutes.

Hernandez’s brother Theo came on as a substitute and France continued to struggle to create space, with only Mbappe threatening on his left flank.

Australia were much more direct, making the most of Les Bleus’ non-existent midfield.

It was Rabiot who levelled in the 27th, however, leaving his marker behind to head home from Hernandez’s cross.

With Mbappe moving more centrally, the Australia defense had another problem to deal with and that was clear when the Paris St Germain forward’s backheel inside the area was collected by Rabiot, who slid the ball across for Giroud to tap in.

France played more freely from then on, with Antoine Griezmann’s low shot going just wide and Mbappe skying his attempt over the bar as he raced to meet Griezmann’s cross from the right.

Australia kept France on their toes and came close shortly before halftime when Jackson Irvine’s header grazed Hugo Lloris’ right-hand post after a rebound.

Mbappe caused more chaos early in the second half but could not quite find the breakthrough, until he silenced the Australia fans, who in the first half were shouting ‘Who are you?’ at him, with a glancing header in the 68th minute.

Three minutes later, Giroud headed home from Mbappe’s cross before falling on his back in apparent disbelief and being surrounded by his team mates in a goal celebration that lasted longer than usual, giving an exhilarating feel to France’s win.

It took Giroud, who owed his place in the starting lineup to Benzema’s absence, 115 international appearances to score his 51 goals, while Henry needed 123 from 1997-2010.

There were more chances for France through Theo Hernandez and Ibrahima Konate but the result was already satisfying enough, bearing in mind that in 2002 their title defense started with a 1-0 loss to Senegal followed by a first-round exit.

SAUDI ARABIA STUNS ARGENTINA, 2-1
Saudi Arabia served up a stunning upset over Argentina 2-1 in the first match of Group C Play at the World Cup in Qatar on Tuesday.

Lionel Messi opened the scoring with a penalty kick to give Argentina a 1-0 lead. But it was all Saudi Arabia from there, snapping Argentina’s 36-match unbeaten streak over all competitions.

In a quick scoring spurt, Saleh Al-Shehri bumped a low shot into the net in the 48th minute. Salem Al-Dawsari angled in a second goal, deflected by goalkeeper Emiliano Martinez, from the penalty area in the 53rd minute.

Argentina had a chance to work at least a draw and held possession for much of the match, but near-misses told the story instead. Nicolas Tagliafico might have had Argentina’s best angle at a second goal only to be denied by a brilliant save from Saudi goalkeeper Mohammed Al-Owais.

DENMARK 0, TUNISIA 0
A scoreless draw between Denmark and Tunisia opened Group D play on Tuesday in Qatar.

In the return to international competition for Denmark’s Christian Eriksen, the European Championship semifinalists were unable to score in six shots on goal. Eriksen had one of the shots, a long-range missile in the second half, in his anticipated showing, the first since he went into cardiac arrest at Euro 2020.

Goalkeeper Kasper Schmeichel made a miraculous save before the half to keep Tunisia scoreless.

There was only one scoreless draw in the 2018 World Cup.

Denmark’s best scoring opportunity from point-blank range was stymied by Tunisia goalkeeper Aymen Dahmen, who also swatted away Eriksen’s shot.

MEXICO 0, POLAND 0
Mexican goalkeeper Guillermo Ochoa saved a scoreless game with a miraculous save in the 58th minute on Tuesday in a 0-0 draw with Poland.

Mexico dominated the Group C opener in time of possession and kept Poland away from legitimate scoring chances throughout the match.

The result spares Argentina, the only team in the group with an opening loss, after a stunning loss to Saudi Arabia.

Alexis Vega had two of Mexico’s best scoring chances but was denied on crosses. Ochoa’s save on Robert Lewandowski’s penalty try brought the boisterous pro-Mexico crowd to roaring decibels. — Reuters

DLSU Lady Archers hand NU Lady Bulldogs first loss, 61-57 overtime, in 109 games

DE LA SALLE, NU’s last tormentor before a decade-long rule in the UAAP women’s basketball, repeated history and handed the latter its first loss in 109 games. — UAAP MEDIA

FOR 3,335 days, six-time reigning champion National University Lady Bulldogs had roamed around the jungle unbothered, unrivaled and unscathed — until yesterday — after falling prey at the hands of a familiar hunter in the De La Salle Lady Archers.

De La Salle, NU’s last tormentor before a decade-long rule in the UAAP women’s basketball, repeated history and handed the latter its first loss in 109 games with a pulsating 61-57 overtime win at the UST Quadricentennial Pavilion in Manila.

The Lady Archers waited and hunted for the elusive chance for more than nine years before finally landing their arrows this Season 85 straight to the heart of the once invincible Lady Bulldogs, whose remarkable record of 108-game win streak came to an abrupt end at last.

Four Lady Archers scored in double figures led by Fina Niantcho Tchuido’s 14 points and 19 rebounds as De La Salle achieved the monumental feat seven seasons in the making since their last win in Season 76.

De La Salle on Oct. 5, 2013 became the last UAAP queens after trouncing NU in the winner-take-all Game 3 with a 69-61 victory. That was the last win for the rest of the UAAP teams against the powerhouse squad.

More than that, the second-running De La Salle improved to 11-2 to bolster its twice-to-beat hopes as NU slid to 12-1 — paving the way for a traditional Final Four format this time after a stepladder setting in the past six seasons due to NU’s continuous perfect campaigns.

“My girls just wanted it more,” said coach Cholo Villanueva, who took over the Lady Archers program in 2015 and has been a witness to the Lady Bulldogs’ impenetrable dynasty.

“You need the perfect players, the perfect rotation to beat a perfect team. It was a team effort. Credits to the girls for playing one heck of a game.”

De La Salle, with the help of Charmine Torres (13), Lee Sario (10) and Bettina Binaohan (10), put on a game for the ages built on a tight knit defense to limit NU to its lowest points this season at 57.

Up by 49-46 late in regulation, the Lady Archers fumbled a chance to seal the big win before Mmess. Torres and Sario steadied the ship in overtime punctuated by the latter’s insurance freebies in the last 43 seconds.

Ms. Cacho had 12 markers and 15 boards for the Lady Bulldogs, who fell just short in shattering the record of 111-game win streak set by University of Connecticut Huskies in the US NCAA women’s division.

Meanwhile, Ateneo (7-6) completed the Final Four picture in UAAP women’s play with a 65-51 win over UE (0-13) while No. 3 Santo Tomas (10-3) clobbered UP (5-8), 85-52, stay in running for a twice-to-beat bonus. — John Bryan Ulanday

JRU shocks Letran with 87-71 victory in Season 98

Games Thursday
(Filoil EcoOil Centre)
12 p.m. — CSB vs San Beda
3 p.m. — Letran vs LPU

JOSE Rizal University (JRU) came through with one of its best, if not its best, performances this year and caught a mighty Colegio San Juan de Letran side on a surprisingly bad day in hammering out a shock 87-71 victory yesterday that sprayed some sunshine to its gloomy NCAA Season 98 campaign at the FilOil EcoOil Centre.

The Heavy Bombers, already eliminated, looked like the ones who were going to the Final Four as they came out firing on all cylinder with five of their players wound up with double-digit scores including skipper Ry dela Rosa’s game-high 22 points.

The Knights, in contrast, curiously played like helpless preys and were shadows of that unflappable bunch that once racked up nine straight wins.

The embarrassing setback sent the three-peat-seeking squad spiralling down from first to second with a 13-5 record that set it up against No. 3 Lyceum of the Philippines University (LPU) (12-6) needing just a win to advance to the best-of-three finals.

The other semis showdown pits No. 1 College of St. Benilde (CSB) (14-4) with No. 4 San Beda (12-6) with the former boasting of that crucial incentive.

But Knight’s shocking ineptitude should not take away JRU’s magnificence even on just this one glorious day that served as a soothing balm to a down-trodden team that was shelved for almost a month due to health and safety protocols and  got embroiled in that infamous John Amores incident.

“It’s been rough, it’s been tough and I thank everyone who stayed despite what happened,” said a teary-eyed JRU coach Louie Gonzales. And the Heavy Bombers did it with sheer guts and let it all out as if there’s no tomorrow.

“I told the guys if we want to win, we really need to put everything on the table. And they did,” he said.

Earlier, Mapua likewise concluded its campaign with a bang and a 7-11 record after trouncing San Sebastian, 75-67.

The Stags wound up fifth with an 8-10 mark. — Joey Villar

The Scores:

First Game

Mapua 75 — Hernandez 22, Nocum 17, Salenga 14, Bonifacio 7, Agustin 5, Cuenco 3, Igliane 3, Pido 2, Soriano 2, Garcia 0, Mercado 0, Gamboa 0, Lacap 0.

San Sebastian 67 — Altamirano 24, Calahat 13, Are 9, Una 8, Aguilar 4, Villapando 2, Sumoda 2, Escobido 2, Suico 2, Paglinawan 0, Concha 0, Cosari 0.

Quarterscores: 6-19; 29-32; 46-51; 75-67

Second Game

JRU 87 — Dela Rosa 22, Dionisio 16, Guiab 14, Delos Santos 11, Miranda 11, Medina 7, Arenal 2, Celis 2, Abaoag 2, De Jesus 0, Tan 0.

Letran 71 — Caralipio 15, Paraiso 12, Yu 10, Sangalang 7, Monje 7, Tolentino 7, Javillonar 5, Ariar 4, Santos 4, Reyson 0, Olivario 0, Guarino 0, Miclat 0, Lantaya 0, Bautista 0.

Quarterscores: 21-15, 48-38, 66-52, 87-71

Grand Slam-seeking Cool Smashers face dangerous Petro Gazz Angels in semis

Games Thursday
(PhilSports Arena)
2:30 p.m. — Petro Gazz vs Creamline
5:30 p.m. — Cignal vs Chery Tiggo

CREAMLINE aspires to inch closer to a historic Grand Slam as it tackles a dangerous Petro Gazz in today’s start of Premier Volleyball League Reinforced Conference semifinals at the PhilSports Arena.

The Cool Smashers topped the elimination round with an impressive 7-1 record and should ride the crest of its early success as they battle the Angels, who wound up No. 3 following a 5-3 card, at 2:30 p.m.

The reigning Open and Invitational Conferences champion eyes to replicate its 25-19, 16-25, 25-18, 27-25 win in their first meeting this conference last Oct. 8 at this same venue.

It was a triumph that the Creamline locals won as Yeliz Basa drew more support than Petro Gazz’s Lindsey Vander Weide, who unloaded 28 points just like her Turk foe.

Jema Galanza, Alyssa Valdez and a resurgent Ced Domingo and Tots Carlos should help provide the needed back up to Ms. Basa while Vander Weide and MJ Philips would need more assistance from the likes of Jonah Sabete, Myla Pablo and Aiza Pontillas to have a chance.

But Creamline coach Sherwin Meneses said its back to zero now.

“Both teams have improved since then so it’s going to be an pretty even match up,” said Mr. Meneses.

Also seeking to bolster their championship bids are No. 2 Chery Tiggo (6-2) and No. 4 Cignal (5-3) at 5:30 p.m.

Unlike in the past, the league will implement a single-round robin format where all entrants will have a chance to play with each other once.

Which means, one mistake would be costly.

“Every game is going to be like a championship game, no room for errors,” said Chery Tiggo mentor Clarence Esteban.

Mylene Paat, who is a favorite to win her first MVP award, said they need to continue to believe in themselves for them to have a crack at reclaiming their old spot on top after last winning it all in the Open Conference in Bacarra, Ilocos Norte a year ago.

“We have to continue to keep the faith and believe and help each other. Those were the reasons we made it this far,” said Ms. Paat. — Joey Villar

11th Asian Age Group Swimming competition to stage New Clark City Aquatics Center next year

THE Philippine Olympic Committee and the Asia Swimming Federation will bring the 11th Asian Age Group Swimming Championships to the New Clark City Aquatics Center in Capas, Tarlac in November next year.

POC President Abraham Tolentino and AASF secretary-general Taha Sulaiman Al Kishry forged the agreement yesterday right at the world-class facility where the pool events of the 2019 Southeast Asian Games were staged.

Also gracing the official signing were Bases Conversion and Development Authority president and CEO Atty. Agnes Devanadera and senior vice president for corporate group Arrey Perez.

“I would like to thank the AASF for giving us the opportunity to host a big event like this,” said the Tagaytay City mayor. “It’s really hard to bid to host an international event like swimming.”

Around 1,400 tankers from 42 Asian countries are expected to troop to Capas where the country boast of a FINA-standard swimming and diving pools.

“With this kind of venue [NCC], we are lucky to be chosen,” said Mr. Tolentino. “We, the POC, BCDA and PSI [Philippine Swimming, Inc.] will work together to achieve a successful hosting.”

Al Kishry, for his part, was awed with the facility.

“The facilities here are excellent from the warm up to the competition pool,” said Al Kishry. “There’s nothing you can ask for about the venue.”

Al Kishry said he expects top officials from FINA, swimming’s world governing body, to attend the championships.”

Competitions will be in swimming, diving, artistic [synchronized] and water polo, including a category for boys and girls as young as 11. — Joey Villar

Manchester United owners consider selling club

MANCHESTER United said on Tuesday it was commencing a process to explore strategic alternatives, including a new investment or a potential sale, 17 years after the American Glazer family bought the English Premier League soccer club.

The Glazer family is working with financial advisers on the process, which could lead to a partial sale of the Old Trafford club or investments including stadium and infrastructure redevelopment, the club said in a statement.

Manchester United fans have been clamouring for a change of ownership and the Glazers have been the target of intense criticism as the team have gone five years without winning a trophy. The last silverware they won was the Europa League and League Cup back in 2017.

“As we seek to continue building on the club’s history of success, the board has authorized a thorough evaluation of strategic alternatives,” Avram Glazer and Joel Glazer, executive co-chairmen and directors of United, said in the statement.

“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future,” the statement said.

In August, British billionaire Jim Ratcliffe had expressed interest in buying United, Reuters reported. At the time, Elon Musk had also joked about planning to buy the club.

Wealthy Asian tycoons, especially those from China, have been buying European teams in recent years including Premier League side Wolverhampton Wanderers and Italy’s Inter Milan.

However, football clubs have since been deemed unfavorable assets by China and any major overseas purchase would seem unlikely at the moment, said Mark Dreyer, Beijing-based author of “Sporting Superpower”, a book about China’s sports ambitions.

“It’s almost impossible to see how any Chinese-related entity could justify a purchase of this magnitude in the current climate,” he said. “… with China only just now facing up to the realities of COVID-19, which makes the entire economic environment that much more uncertain, no state body would approve this kind of deal.”

The owners are under pressure with United sitting fifth in the Premier League halfway through the season, which has been suspended because of the current Qatar World Cup.

Manchester United shares jumped as much as 20% after Sky News first reported on the sale process, giving the club a market capitalisation of $2.6 billion.

The company was worth $2.5 billion at the close of U.S. trading on Tuesday. At its peak as a public company, it had a market capitalisation of $4.3 billion in 2018.

RONALDO LEAVES
Also on Tuesday, the club said that star striker Cristiano Ronaldo will leave with immediate effect, marking a bitter end to the Portugal captain’s second spell at Old Trafford after he said he felt betrayed by the club.

The Glazers bought the club for 790 million pounds ($939.07 million) in 2005 in a highly leveraged deal which has been criticised for loading debt onto the club.

United has been listed on the New York Stock Exchange since 2012, when the Glazers sold 10% of their holding via the listing and have sold more shares since.

The Raine Group is acting as financial adviser and Latham & Watkins LLP is the legal adviser to Manchester United.

Rothschild and Co. is acting as financial adviser to the Glazer family shareholders.

Among the fan protests against the Glazers was one in May 2021 that forced the postponement of a home match against Liverpool, one of the club’s biggest rivals. It was the first Premier League match to be postponed because of a protest.

United and Liverpool were among a group of big clubs that said they wanted to establish a European Super League in April 2021 but then withdrew, partly because of objections from many fans in England.

Liverpool are also “exploring a sale” according to club chairman Tom Werner. In May 2022, Chelsea Football Club was sold to a consortium led by an investment group fronted by Todd Boehly and Clearlake Capital for $3.2 billion (2.5 billion pounds).

United finished sixth last season in their worst Premier League campaign in terms of points earned, failing to qualify for the lucrative European Champions League competition.

They won the last of their record 20 top-flight league titles in 2013, the year the great Alex Ferguson stepped down as manager after more than 26 years in charge.

The club have hired Dutch manager Erik ten Hag from Ajax Amsterdam in a bid to turn around their fortunes. — Reuters

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