Billionaire Soros Invests in United
By Community | August 21, 2012
George Soros, the US billionaire, has bought a stake in Manchester United Football Club.
Soro’s investment firm bought approximately 3.1 million Class A shares in the club according to a filing with the US Securities and Exchange Commission (SEC).
The total amount is 1.9 per cent of the club, who lost 1-0 to Everton in their opening fixture of the Premier League the night before.
The Class A shares that Soros has bought, carry less voting power than the Class B shares that are held by owners, the Glazer family.
United had entered the US stock market earlier in August and valued the club at more than US$2.3 billion (£1.46 billion).
Since being listed on 10 August, the share price of Manchester United has fallen 6.7 per cent.
Soros, 82, had previously shown interest in taking over Serie A side AS Roma, but was put off by the club’s financial problems.
The billionaire investor looks after US$25 billion in assets through his Soros Fund Management LLC.