US fund firm Baron Capital has bought a quarter of the shares in Manchester United available on the market.
According to an announcement on the Securities and Exchange Commission, Baron owns 9,581,636 shares in Premier League champions representing a 2.5% interest. The position is held through its Baron Focused Growth fund.
The football club’s owners, the Glazer family, only put 10% of shares on the market on its float in 2012.
While Manchester United is struggling to qualify for the Champions League this season and is all but out of the Premier League title race, Baron is excited by the club’s deal with Nike.
A note on the fund firms website said: '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.
‘The Nike deal is still expected to be signed, but has been pushed out from this fiscal year. We remain positive on the company’s prospects going forward.’