Hedge fund form Baron Capital sees potential in professional soccer team Manchester United.
Bloomberg reported that New York-based Baron bought a 24.4% share in the English soccer team’s publicly-traded shares, leaving it with an overall stake of about 2.5%. The Glazer family, who owns 90% of Manchester United, listed 10% of its holding in the team in 2012.
A letter Baron posted on its website said that while “shares of Manchester United dropped in Q4 due to a delay in the signing of a new global merchandise deal with Nike and the team’s poor performance on the field,” it is optimistic on “the company’s prospects going forward.”
Baron Capital was founded by Ronald Baron in 1982.