BILLIONAIRE investor George Soros has splashed out on a 7.85 per cent passive stake in Manchester United, a filing with the US Securities and Exchange Commission revealed late last night.
Soros Fund Management bought over three million of the new class A shares, which were created for the club’s initial public offering (IPO) in New York on 9 August.
The shares hold only one tenth of the voting power of the majority class B shares, which are held by United’s Florida-based Glazer family owners.
Last week it emerged that Soros acquired 341,000 shares in Facebook over the previous quarter, building his stake at a time when the social network’s stock was battered by valuation concerns.
Soros is famed for betting against sterling on Black Wednesday in 1992, a move that earned him in excess of $1bn.
The news that he has piled into Manchester United’s stock came after the share price closed at $13.06 last night.
The price of the stock has fallen considerably since the launch of the club’s IPO, dropping from an initial $14 per share.
And the expected range for the float had been even higher, at between $16 and $20 per share.
Manchester United supporter groups have complained that the IPO was over-priced and prevents investors from having a say in the running of the club, as the Glazers hold onto the levers of power.
Groups such as the Manchester United Supporters Trust also complained that the Glazers pocketed a substantial amount of the revenue raised from the IPO, rather than using it all to help reduce the club’s large debts.