Finance

US investment firm increases stake in Manchester United with $100m shares buy

A US investment firm has increased its stake in Manchester United after buying up $100m (£73m) worth of shares.

Ariel Investments bought 5m Class A shares through the New York Stock Exchange and not from the Glazers directly.

According to its website, the firm, which is based in Chicago and was founded in 1983, had $16.8bn in assets at the halfway point of 2021, while the company is also 95.5% owned by employees and board members.

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‘A’ class shares carry full voting rights when it comes to major decisions.

The move comes after Manchester United announced they would publish their fourth quarter results on Friday, September 17.

For the three-month period to the end of March 2021, the Premier League club reported operating losses of £21.6m compared to losses of £3.3m during the same period in 2020.

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United’s total revenue also dipped from £123.7m to £118.3m, with commercial revenue going from £68.6m to £58.1m and match day earnings slumping from £29.1m to £1.6m.

Following the Super League debacle, executive co-chairman Joel Glazer promised fans to increase investment in Old Trafford and the club’s training ground.

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