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August 21, 2012 at 05:33 AM
Billionaire investor George Soros (left) must like soccer—or hope that the craze for it continues among others—because his investment fund has bought a stake in Manchester United, the British soccer team owned by the American Glazer family that was taken public less than two weeks ago.
The BBC reported Tuesday that, according to SEC filings, Soros Fund Management snapped up more than 3.1 million shares to the tune of 25.8 million pounds ($40.7 million) as of the stock’s closing price on Monday. That amounts to 7.85% of the class A shares and 1.9% of the team. However, it still doesn’t give Soros much say over the team’s doings, since the class B shares retained by the Glazers carry 10 times the voting rights of the class A shares.
The stock has fallen since its IPO, at which it was valued at over $2.3 billion. The share price has lost 6.7% since the stock’s debut on Aug. 10; on Monday shares were down 2.7%.
