According to the SEC filing, the football (soccer) club Manchester United said selling stockholders would be able to dispose of up to 24 million share of the company’s Class A stock – worth about $400 million.
The filing came after the Premier League club reported its fourth-quarter financial results, with revenue just above estimates, but guidance short of expectations.
Some Insight On The Red Devils
Manchester United is one of the most popular, beloved, respected and successful teams/clubs in football (soccer). According to a Forbes article, its "value has increased 17 percent since 2013 due to the English soccer team’s commercial success and the Premier League’s new domestic television deal."
Furthermore, the stock is up more than 15.7 percent year-to-date, while the S&P 500 has lost more than 2.8 percent.
Investors should know that, while the company’s stock is publicly traded, the Glazer family, owner of 75 percent of the stock, is the one really controlling the club. The stock they own – Class B – carries 10 times the voting power of Class A stock that is sold to the public on the NYSE.
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