Hungarian-American business magnate George Soros has acquired a 7.85 per cent stake in Manchester United, backing on the 19-times English champions to score in the financial markets and on the pitch.
The news of the investment, made via Soros Fund Management, was released in an SEC filing after the closing bell rang on Wall Street on
Tuesday.
The billionaire now owns 3,114,588 shares in the team, but carries almost no voting power and will receive no dividend, due to the
structure of the club's flotation.
United floated 16.7 million shares in New York at 14 dollars each on August 10, giving it a total valuation of 2.3 billion pounds and making it the most valuable team in the world.
But since then, the club has performed badly, losing almost a dollar to close today at just 13.06 dollars, The Telegraph reports.
The Glazer family remains the club's majority shareholder with a 58 percent stake through their holding company Red Football.
The club is not the only company that has been on a downward trajectory, which Soros has pinned his fortune to.
Last week, it was revealed that Soros had spent around 10.6 million dollars buying 341,000 Facebook shares during the second quarter.
Facebook shares have lost more than 50 percent of their value since their flotation, falling from 38 dollars to as low as 18.80 dollars on
Tuesday.
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