Billionaire George Soros has taken a 7.85pc stake in Manchester United, betting on the UK football team to score in the financial markets as well as on the pitch.
News of the investment, made via Soros Fund Management, was released in an SEC filing after the closing bell rang on Wall Street today. The 82-year-old now owns 3,114,588 shares in the team but carries almost no voting power and will receive no dividend, thanks to the structure of the club’s flotation.
Manchester United floated 16.7m shares in New York at $14 each on August 10, giving it a total valuation of $2.3bn and making it the most valuable team in the world. Its main contender for the title, Real Madrid, is worth just $1.88bn.
But since then the club has performed badly, losing almost a dollar to close today at just $13.06.
-And they lost the season opener to Everton. Heh. -bp