An American investment firm has acquired a quarter of all the Manchester United shares available on the New York Stock Exchange, the club announced on Tuesday.
Baron Capital now owns 24 per cent of all the shares that were sold by United’s owners, the Glazer family, in 2012, although that represents only a 2.5 per cent stake in the club.
The Glazers, who purchased United in 2005, released 10 per cent of the club onto the stock market in August 2012, but they still retain a 90 per cent stake.
Analysts believe that Baron Capital’s move, announced on United’s investor relations website, represents a long-term investment rather than a bid to one day acquire a controlling interest in the club.
The news comes with the United team struggling following the departure of long-serving former manager Alex Ferguson in May last year.
Under his successor, David Moyes, United have fallen out of contention for domestic silverware and are on the verge of elimination in the Champions League after a 2-0 loss to Olympiakos in the first leg of their last 16 tie.
Baron Capital said that reports of a new multi-million-dollar contract with US sportswear manufacturer Nike had encouraged it to increase its stake in the club despite United’s on-pitch troubles.
“Shares of Manchester United dropped ... due to a delay in the signing of a new global merchandise deal with Nike and the team’s poor performance on the field,” the firm said in a statement on its website.
“The Nike deal is still expected to be signed, but has been pushed out from this fiscal year. We remain positive on the company’s prospects going forward.”
United’s share price closed at $15.84 (Dh58.18) on Monday, which was its highest level since November.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
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The five pillars of Islam
Off-roading in the UAE: How to checklist
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
Company%20Profile
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COMPANY%20PROFILE
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Mountain%20Boy
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UAE currency: the story behind the money in your pockets
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl