Billionaire Soros takes piece of Manchester United

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Associated Press

Posted on August 21, 2012 at 9:00 AM

Updated Tuesday, Aug 21 at 9:01 AM

NEW YORK (AP) — Billionaire financier George Soros is getting in on the game, taking a minority stake in soccer club Manchester United.

Soros disclosed in a regulatory filing on 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.

The 134-year-old English Premier League soccer club went public on the New York Stock Exchange earlier this month.

The American family that owns the team, the Glazers, have voting control over it through Class B shares that have 10 times the voting power of the stock sold to the public.

The company's stock closed at $13.06 on Monday, down 7 percent from its debut.

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