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Mar 11, 2014

U.S. firm builds stake in Man United

LONDON -- A U.S. investment firm has bought nearly a quarter of all the shares available to buy in New York-listed English club Manchester United PLC.

Manchester United are set to save £10million a year after a
major refinancing through Bank of America.
Baron Capital now has an overall stake of 2.5 percent in Manchester United.

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The Glazer family in 2012 put 10 percent of Manchester United for sale in a stock listing. A filing on the Securities and Exchange Commission shows Baron Capital now owns 24 percent of those shares. That leaves Baron with an overall stake of 2.5 percent.

On its website, Baron says it "remains positive" on Manchester United's prospects.

Manchester United remain one of the most lucrative brands in the world of sport even though they are struggling this season following the departure of long-time manager Alex Ferguson.

United shares will open for trading on Tuesday, having closed on Monday at $15.84 [9.53 pounds], their highest level since November.

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