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U.S. investment firm Baron has £90.16 million Man United stake
March 11, 2014 / 2:09 PM / 4 years ago

U.S. investment firm Baron has £90.16 million Man United stake

Manchester United's Wayne Rooney (R) celebrates after scoring a goal during their English Premier League soccer match against West Bromwich Albion at The Hawthorns in West Bromwich, central England March 8, 2014. REUTERS/Darren Staples

LONDON (Reuters) - U.S. investment group Baron Capital has built up a stake worth about $150 million (£90.16 million) in English soccer champions Manchester United, it said in a regulatory filing on Tuesday.

The investment by New York-based Baron represents about 5.8 percent of United’s $2.6 billion market value but a dual-share structure means that the American Glazer family remains firmly in control of the club.

It is however a vote of confidence for United in a season in which the team has struggled on the field and risks missing out on a lucrative place in the Champions League for next season.

In its most recent investment guidance, Baron - describing itself as a long-term investor in growth businesses - said it remained positive on United’s prospects, citing the possibility of a renewed kit supply deal with U.S. sportswear group Nike.

United shares closed at $15.84 in New York on Monday, up from a flotation price of $14 in August 2012.

Despite the listing, the Glazers maintain a tight grip on United through the ownership of a separate class of shares with 10 times the voting power of those traded on the stock market.

Reporting by Keith Weir; Editing by Louise Ireland

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