American billionaire Leon Cooperman has recently purchased approximately one million shares of Manchester United, despite the imminent purchase of a stake by Sir Jim Ratcliffe.
Cooperman, a former hedge fund manager with a net worth of around £2 billion ($2.6bn), has invested £13 million ($16.8m) to acquire these shares in the famous Old Trafford club. This move follows a trend of hedge funds buying shares in the club over the past year, with Psquared Asset Management AG and Antara Capital also acquiring stakes.
Sir Jim Ratcliffe is expected to finalize his purchase of a minority stake in United. The head of the INEOS group was competing with Sheikh Jassim Bin Hamad Al Thani to take over the club. However, the Qatari bid was withdrawn, allowing Ratcliffe to complete his minority takeover.
Initially, Ratcliffe wanted to buy full ownership of United from the Glazer family. However, the Americans are set to retain a majority share in the club. Ratcliffe has settled for a 25 percent stake, reportedly costing £1.3bn ($1.6bn). He is expected to have control over footballing decisions and is keen to expand the capacity of Old Trafford.
Ratcliffe’s acquisition of a share in United is anticipated to be officially approved soon, as he aims to initiate a transformation at Old Trafford and guide the club to regain its position at the pinnacle of English football.
