Good day at BlackRock for Man Utd
American investment firm BlackRock has purchased 3.3 million shares in Manchester United PLC on the New York Stock Exchange (NYSE), reports SportsPro. The New York-based company's stake, which equates to 8.21 per cent of publicly traded stock in the Premier League club, is reported by the London business daily City AM to have cost US$55 million.
Manchester United's owners, the Glazer family, launched an IPO on the NYSE last August, retaining control of the club by holding on to 124 million Class B shares while issuing 39 million Class A shares with one tenth of the voting rights.
Manchester United's value on the NYSE has risen in recent weeks. It closed at US$16.78 a share on 31st January following a 35 per cent rise in three months.
The price of Manchester United shares had initially dipped well below the initial US$14, but interest has been piqued by a slew of commercial deals.