NEW YORK (Reuters) - Hedge fund titan George Soros reported a 7.85 percent passive stake in Manchester United PLC (MANU.N) Class A shares as of August 9, according to a filing with the U.S Securities and Exchange Commission on Monday.
Soros's eponymous hedge fund, Soros Fund Management LLC, bought 3,114,588 Class A shares in the British soccer club, according to the filing. The Class A shares carry one vote each, compared with 10 votes for every Class B share.
British soccer team Manchester United went public on August 9 on the New York Stock Exchange at a price of $14 a share, below the expected range of $16 to $20. Only the Class A shares were offered in the IPO. The shares on Monday closed down 2.7 percent at $13.06, after hitting a new low of $12.91 earlier in the day.
Soros Fund Management did not immediately return a request for comment.
The IPO raised $233.2 million, which will be split equally between the club and its owners, the Florida-based Glazer family. The Glazers, who also own the Tampa Bay Buccaneers National Football League team, purchased Manchester United for 790 million pounds in 2005 in a highly levered deal.
Fans have criticized the Glazers for over-levering the once debt-free team. Manchester United's debt load stood at over 437 million pounds as of June 30.
Soros, one of the $2 trillion hedge fund industry's most closely watched investors, oversees about $25 billion in assets, even after returning money to outside investors and converting his fund into a family office last summer.
The firm now mainly manages money for Soros, his family and his foundation. (Editing by Leslie Adler)