U.S. 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 U.S. regulators on Monday.
Mr. Soros’s investment firm bought approximately 3.1 million class A shares, or 7.85 per cent of the total class A shares, a filing with the U.S. Securities and Exchange Commission (SEC) revealed.
That comprises 1.9 per cent 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 Aug. 10, shares in the club finished Monday at $13.06, down 6.7 per cent 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.Report Typo/Error