British soccer giant Manchester United Football Club has turned things around after a disappointing start this season. Hedge fund Baron Capital expects that turnaround to continue financially.
The New York-based firm has bought a 2.4% stake in ManU, it said in a regulatory filing Monday. Baron made its move via the team’s New York-traded shares, buying up nearly a quarter of those available.
Man U’s shares account for only 10% of the team; the controlling Glazer family continues to own the remaining 90%.
On its website, Baron said it “remains positive” on Man U, citing an expected sponsorship deal with Nike that could be worth hundreds of millions of dollars.
In buying the Man U stake, Baron joins the likes of George Soros and GLG Partners, both of which held investments in the team last year. Odey Asset Management has taken a different approach, opening a US$5 million short bet against Man U.