US firm buys Man United shares
Tuesday, 11 March 2014
US investment firm Baron Capital has bought a quarter of all Manchester United shares available on the New York Stock Exchange, it has been revealed. The company now owns 24 per cent of all shares in the Old Trafford club that were listed by the Glazer family in 2012. That only represents a small proportion of the club, as only 10 per cent of the club was floated on the stock exchange. The Glazer family still controls 90 per cent of the Premier League club and the vast majority of boardroom votes. The team currently sits sixth in the Premier League, and needs to secure fourth place if it is to play Champions League football next season, with the boost in revenues that such participation brings. An indifferent season has seen the share price drift downwards. However, the stock closed at $15.84 on Monday - the highest level since November. A securities and exchange commission filing on the Manchester United investor relations website states that Baron Capital now owns 9,581,636 shares. They were worth $151m (£90m) at the close of the market on Monday, according to a news agency.