NEW YORK (AFP) – US billionaire George Soros has bought a stake in
Manchester United, the British football club that made its Wall Street
debut earlier this month, according to a filing with US regulators on
Monday.
Soros’ investment firm bought approximately 3.1 million class A
shares, or 7.85 percent of the total Class A shares, a filing with the
US Securities and Exchange Commission (SEC) revealed.
That comprises 1.9 percent of Manchester United, when the powerful
Class B shares held by members of the Glazer family, who control and
direct the club, are taken into account.
Class B shares enjoy 10 times the voting rights in the company as compared with Class A shares.
After an underwhelming initial public offering on August 10, shares
in the club finished Monday at $13.06, down 6.7 percent from the IPO
price of $14.
Still, the club earned $233 million from the IPO, which valued it at
about $2.3 billion, making it the most valuable sports team in the
world.
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