The 1958 Munich air disaster claimed the lives of eight players. In 1968, under the management of Matt Busby, Manchester United was the first English football club to win the European Cup. The current manager, Sir Alex Ferguson, has won 24 major honours since he took over in November 1986.
Manchester United has won many trophies in English football, including a record 19 league titles, a record 11 FA Cups, four League Cups and a record 19 FA Community Shields. The club has also won three European Cups, one UEFA Cup Winners' Cup, one UEFA Super Cup, one Intercontinental Cup and one FIFA Club World Cup. In 1998–99, the club won a Treble of the Premier League, the FA Cup and the UEFA Champions League, an unprecedented feat for an English club.
Manchester United is one of the wealthiest and most widely supported football teams in the world. As of July 2012, the club is number one in Forbes magazine's annual ranking of the world's 50 most valuable sports teams, valued at $2.23 billion. After being floated on the London Stock Exchange in 1991, the club was purchased by Malcolm Glazer in May 2005 in a deal valuing the club at almost £800 million. In August 2012, Manchester United made an initial public offering on the New York Stock Exchange.