US investment firm builds up stake in Manchester United
A U.S. investment firm has bought nearly a quarter of all the shares available to buy in New York-listed English soccer club Manchester United PLC.
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 is one of the most lucrative brands in the world of sport even though it's struggling this season following the departure of long-time manager Alex Ferguson.
Manchester United shares will open for trading later Tuesday, having closed Monday at $15.84, their highest level since November.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.