US investment firm takes stake in Man United
Associated Press :New York, Jan 31 2013, 09:11 IST
New York-based investment firm BlackRock has grabbed a stake in Manchester United.
In a filing with the Securities and Exchange Commission on Wednesday, BlackRock Inc. said it acquired 3.3 million shares in Manchester United PLC. That gives it an 8 percent stake in the club's publicly traded stock.
The club went public on the New York Stock Exchange in August. The American family that owns the team, the Glazers, maintain control through Class B shares that have 10 times the voting power of the stock sold to the public.
United is one of the most renowned sports teams in the world and claims 659 million followers.
Its stock has risen about 35 percent in the past three months.
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