That Manchester United, a perennially successful English football team managed by Sir Alex Ferguson (pictured), lost its league title to Manchester City last year surprised many. That investors in the club's initial public offering (ipo) on the New York Stock Exchange have lost money is less of a shock. Almost a month after Manchester United's shares began trading at $14 a share, they have dipped to $12.90. Many recall how a spate of European football-club ipos in the 1990s ended badly. Is there a case for backing professional sports teams off the pitch as well as on it?
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