• 385

    USD/NGN

Manchester United Is World’s Most Valuable Sport Team

Manchester United Is World’s Most Valuable Sport Team

US billionaire George Soros has bought a stake in Manchester United, the British football club that made its Wall Street debut earlier this month, according to a filing with US regulators on Monday.

Soros’ investment firm bought approximately 3.1 million class A shares, or 7.85 percent of the total Class A shares, a filing with the US Securities and Exchange Commission (SEC) revealed.

That comprises 1.9 percent of Manchester United, when the powerful Class B shares held by members of the Glazer family, who control and direct the club, are taken into account.

Class B shares enjoy 10 times the voting rights in the company as compared with Class A shares.

After an underwhelming initial public offering on August 10, shares in the club finished Monday at $13.06, down 6.7 percent from the IPO price of $14.

Still, the club earned $233 million from the IPO, which valued it at about $2.3 billion, making it the most valuable sports team in the world.

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