Soros buys stake in Manchester United

George Soros’s $US25 billion Soros Fund Management has taken a 7.9 per cent stake in Manchester United, the English football club that sold shares in 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 $US233.3 million in its US offering on August 9. The shares have tumbled 6.7 per cent since the IPO.

The IPO price gave the Glazer family’s team an enterprise value of $2.9 billion, about $US1 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 per cent 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.

This story Soros buys stake in Manchester United first appeared on The Sydney Morning Herald.