Everton's Steven Pienaar (L) challenges Manchester United's Tom Cleverley during their English Premier League soccer match at Goodison Park in Liverpool, northern England, Aug. 20, 2012. Billionaire money manager George Soros reported a nearly 2-per-cent stake in Manchester United PLC on Monday.PHIL NOBLE/Reuters
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.