The rather tepid public offering for shares in Manchester United didn't deter U.S.-based billionaire George Soros from picking up a piece of the club.
Soros, who turned 82 last week, disclosed in a regulatory filing Monday that he owns 7.85 percent of Manchester United's Class A shares. The filing with the U.S. Securities and Exchange Commission was made by Soros' hedge fund, Soros Fund Management LLC.
Manchester United went public on the New York Stock Exchange earlier this month but the results were considered disappointing despite the rabid fan support the club enjoys in many parts of the world. It carried 416.7 million pounds ($666.2 million) in debt as of March 31. It had no debt when it was bought by American businessman Malcolm Glazer in 2005.
The Glazer family maintains voting control of the club through Class B shares that have 10 times the voting power of the stock sold to the public. Malcolm Glazer is CEO of First Allied Corp., a holding company with numerous business interests. His sons Avram and Joel are co-chairmen of Manchester United. Manchester United's stock closed at $14 on its first trading day, which valued the club at $2.3 billion, slightly higher than a record $2 billion paid for the Los Angeles Dodgers earlier this year. The company's stock closed at $13.06 on Monday, down 7 percent from its debut.