The founding partner of one of Europe’s richest and best-known hedge fund firms explained why he shorted professional soccer team Manchester United.
The Wall Street Journal reported that Odey Asset Management, which revealed in December that it has been running a short position in the English soccer cub, blames the team’s on-the-field problems as the result of under-investment over the years.
Manchester United is currently seventh in the league and out of next season’s Champions’ League.
On the flipside, eVestment reported last month that New York-based hedge fund firm Baron Capital saw potential in the struggling team as it bought a 24.4% share in the English soccer team’s publicly-traded shares, leaving it with an overall stake of about 2.5.
Odey manages about $10 billion in assets.