Manchester United becomes 'first sports team in the world with $3billion valuation'

Manchester United have become the first sports team in the world with a $3billion (£1.9billion) valuation, according to American business magazine Forbes.

They come in first place just ahead of American Football franchise Dallas Cowboys, worth $2.1bn.

According to Forbes: ‘Despite a drop in first quarter earnings because of a reduction in television revenue, the appetite for shares of the 19-time English champion has increased due to better earnings, new sponsorship deals with Japan’s Kansai, and China Construction Bank, and the potential of much more lucrative English Premier League (Manchester United currently is in first place) and Champions League payouts this year.’

Shares in the Old Trafford club did badly at first when they were first offered to the public in August last year, but they have soared over the past few days with the announcements of a number of global sponsorship agreements.