Ariel Investments, which previously held 5% of Manchester United, increased its stake in the team to 13.8%.
ESPN reported that Ariel’s latest investment was acquired through the franchise’s listing on the New York Stock Exchange and not through the Glazer family, which controls the club through Class B voting stocks after taking it over for $1.47 billion in 2005.
- Ariel now owns 5.97 million shares of the team, worth a reported $103.2 million.
- The fund reportedly has $15 billion in assets under management.
In March, Avram Glazer put $97 million worth of his shares up for sale. Shortly after, fans protested the family’s role in the short-lived Super League, saying their “sole motivation is personal profit.”
Manchester United decided to offer ownership shares to fans in June to win back their trust. The program will offer a new class of shares that carry the same voting rights as those held by the owners.