: Hedge-fund billionaire Leon Cooperman takes Manchester United stake

Hedge-fund billionaire Leon Cooperman has taken a stake in iconic English soccer club Manchester United.

Cooperman has opened a new position in Manchester United, purchasing 929,078 shares with a market value of $18,386,454, according to a 13-F filing.

Shares of operator Manchester United Ltd.
rose 4.6% Tuesday, outpacing the S&P 500’s gain of 2%. Manchester United shares have fallen 19.6% in 2023, compared with the S&P 500’s
gain of 17.2%.

Related: Jim Ratcliffe close to Manchester United minority deal, report says

Manchester United’s ownership remains firmly in the spotlight, with British billionaire Jim Ratcliffe reportedly close to clinching a deal to become a minority stakeholder in the club. Last week the BBC reported that Ratcliffe’s deal could be agreed on during this month’s international break, when the Premier League takes a brief hiatus, and could be announced as early as this week. Ratcliffe, who is the chief executive of the chemical giant Ineos, is expected to pay around $1.52 billion for a 25% stake in Manchester United, the BBC reports.

Ratcliffe had been locked in a takeover battle with Qatar’s Sheikh Jassim to wrest control of Manchester United from the American Glazer family, who have owned the club since 2005. In September, Bloomberg reported that Ratcliffe was restructuring his bid in an attempt to break the deadlock in the takeover battle.

In November 2022, the Glazers confirmed they were exploring potential financial investment in, or an outright sale of, the Premier League club.

Also read: Hedge-fund billionaire Leon Cooperman doesn’t see S&P 500 above 4,600. Here’s what he’s investing in.

Manchester United defeated Luton Town 1-0 on Saturday. The team currently sits in sixth place in the Premier League.

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