News Summary: BlackRock takes stake in ManUnited
- Article by: The Associated Press
- Associated Press
- January 30, 2013 - 4:32 PM
NEW OWNER: The investment firm BlackRock said it has taken an 8 percent stake in the publicly traded shares of Manchester United.
MEET THE GLAZERS: The football club went public on the New York Stock Exchange last August. But the American family that owns the team, the Glazers, maintains voting control through Class B shares that have 10 times the voting power of the stock sold to the public.
IMPROVED: Manchester United used some of the IPO proceeds to pay down debt and has recently signed up a string of sponsorship deals. Its stock has surged 19 percent so far in 2013.
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