Bullish case
$28 to $34
More likely if the club secures stadium financing after the June 2026 land milestone, sustains Champions League revenue for the 2026/27 season, delivers revenue above the GBP 665 million guidance with adjusted EBITDA near the top of the GBP 200 to 210 million range, and the Glazer family sells a significant stake or the club is acquired at a premium.