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New York Investment Company Buys Stake in Manchester United

January 31st, 2013 at 3:30 PM
By Glenn Hamilton

BlackRock, a New York based investment company has purchased an 8.21% stake in Manchester United. The company has acquired 3.3 million shares in the club.

'Old Trafford, Manchester' photo (c) 2006, Sean MacEntee - license: http://creativecommons.org/licenses/by/2.0/

United went public and began to sell shares on the New York Stock Exchange late last August and, although shares failed to sell at the expectation rate at first, the shares have been selling very well and has helped to make United worth over $3 billion, the first sports team to do so in the world. The Glazer family retains control of the club through their class B shares that carry ten times the voting power of stock that is sold to the public. 

Many fears and concerns when the Glazers took over the club was the amount of debt the family was saddling United with, but the Glazers have been able to reduce the amount of debt they have while also seeing the club's stock rise considerably. 

Tags: BlackRock, Glazer Family, Manchester, Manchester United, New York Stock Exchange, Premier League, Soccer

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