Soros Fund Management Reports Stake in Manchester United
(Corrects headline, lead to show Soros Fund Management bought 7.9 percent of Manchester United’s Class A shares, in story originally published Aug. 20.)
George Soros’s $25 billion Soros Fund Management LLC bought 7.9 percent of the Class A shares in Manchester United, the English soccer club that had an initial public offering this month.
The New York-based family office for Soros disclosed the stake in the 134-year-old team in a regulatory filing today. Manchester United, which has won a record 19 championships, raised $233.3 million in its U.S. offering on Aug. 9. The shares have tumbled 6.7 percent since the IPO.
The IPO price gave the Glazer family’s team an enterprise value of $2.9 billion, about $1 billion more than the value of Spain’s Real Madrid, according to data compiled by Bloomberg and Forbes. The Glazer family bought the team in 2005 and has 99 percent of the voting rights. The company is using the proceeds of the stock sale to pay down debt.
Michael Vachon, a spokesman for Soros, didn’t immediately return a phone call seeking a comment.
Everton today defeated Manchester United 1-0 to complete the first round of games in the English Premier League soccer season. It’s the fourth time in 21 attempts that Everton has beaten United in the Premier League at Goodison Park.
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