The 82-year-old investor first bought shares in the club in 2023
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A view of Old Trafford, the home of Manchester Unitedopen image in gallery
A view of Old Trafford, the home of Manchester United (Richard McCarthy/PA)
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American billionaire Leon Cooperman has increased his stake in Manchester United.
The veteran investor now owns 5.2 percent of the club’s Class A shares, valued at more than $50m.
The 82-year-old bought around 900,000 United shares in the autumn of 2023, when Sir Jim Ratcliffe was planning his takeover. He now has more than 2.9 million shares in the club.
Cooperman is the founder of Omega Advisors, a New York-based investment firm. There is no sense he is planning a takeover of United.
Cooperman’s recently acquired shares were not bought from Ratcliffe or the Glazer family but a British investment firm, Lindsell Train, has cut its stake in United.
Leon Cooperman during an appearance on TV show The Claman Countdown in September 2024open image in gallery
Leon Cooperman during an appearance on TV show The Claman Countdown in September 2024 (Getty)
Ratcliffe paid £1.3bn, around $33 per share, to take a 25 percent stake in the club, which was increased to 27.7 percent when he injected a further £300m into the club for infrastructure, including the £50m revamp of the Carrington training complex.
Greater voting rights come with Class B shares, which carry 10 votes per share, compared to one with Class A shares, and which are largely held by the Glazers and Ratcliffe.