US firm purchases 24% of Manchester United shares

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Football News

An investment firm from the United States of America has purchased a quarter of all Manchester United shares currently available on the New York Stock Exchange, according to Sky Sports.

The company, Baron Capital, has been buying up stock in the Red Devils and now earns 24 per cent of all shares that were originally put on the NYSE by the Glazer family on 2012. Although it represents a significant chunk of shares, it still only represents 2.5 per cent of the club.

There is a strong belief from experts that Baron Capital see Manchester United as a good long-term investment and don't believe they are interested in securing a controlling interest in the club. Even if they were to purchase all shares on the NYSE, they would still own just 10 per cent of the Old Trafford outfit.

The Glazer family retained 90 per cent when entering the stock exchange, retaining the vast majority of votes.

Baron Capital's purchases have most probably helped keep Manchester United's share price steady despite their struggles on the pitch, which has seen them slip down to sixth in the table. Talk of a new world-record kit deal with Nike is also thought to have an influence.

The firm's shareholdings was confirmed in a securities and exchange commission filing on the Manchester United investor relations website. It stated that Baron Capital was the holder of 9,581,636 shares, worth £90m and the close of the market on Monday.

Baron Capital stated on their website: "Shares of Manchester United dropped... due to a delay in the signing of a new global merchandise deal with Nike and the team's poor performance on the field.

"The Nike deal is still expected to be signed, but has been pushed out from this fiscal year. We remain positive on the company's prospects going forward."

Manchester United's share price closed at $15.84 on Monday - the highest level since November.


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