Famous international financier George Soros has acquired a 8 per cent stake in Manchester United. He is not to known to have any particular interest in football so must regard the shares as a better investment than the markets seem to. The shares closed $13.06 on Monday, down 6.7 per cent since the IPO. Whether the defeat at Everton will register on the New York stock exchange remains to be seen.
Famous international financier George Soros has acquired a 8 per cent stake in Manchester United. He is not to known to have any particular interest in football so must regard the shares as a better investment than the markets seem to. The shares closed $13.06 on Monday, down 6.7 per cent since the IPO. Whether the defeat at Everton will register on the New York stock exchange remains to be seen.
The move makes Mr Soros one of the club’s biggest shareholders behind the Glazer family. Quantum Partners, the investment arm of Mr Soros’s family office, acquired the stake in the club. The stake has already declined by $2.9m since the shares were purchased.
There has been substantial shorting of the United shares. A short is a trading position where shares are borrowed and sold with the hope of making a profit from a purchase of those shares later at a lower price. According to financial information company Markit 8.4 per cent of United’s shares had been borrowed for shorting by the end of last week. That makes the company the 14th most shorted IPO of the year.