Stefan Borson: Man United investor will have little power after official documents submitted

Ariel Investments has increased its minority stake in Manchester United because it sees value in the current share price.

That is the view of former Man City financial adviser Stefan Borson, who exclusively told Football Insider the Chicago-based asset management firm has very little power at Old Trafford and its latest manoeuvre is likely to have been purely a financial trade.

A filing to the US Securities and Exchange Commission (SEC) on 12 August revealed Ariel Investments has bought three million shares in United since the end of March.

That means the US company now holds 8.3 million shares of those that are listed on the New York Stock Exchange and makes it the largest institutional shareholder of the club’s publicly listed traded stock.

It comes after Sir Jim Ratcliffe secured a 27.7-per-cent stake in the Premier League giants in February, with the INEOS chief taking over the footballing operations at Old Trafford.

Man United investment purely a financial transaction

Borson revealed Ariel Investments has dipped in and out of United over the past few years following changes in the share price.

He told Football Insider: “It’s not 15 per cent of the overall share capital, it’s 15 per cent of those that are listed in New York.

“That means they have about 4.9 per cent of the overall club, but not of the voting rights because those are largely with Ratcliffe and the Glazers.

“They have got a relatively small minority holding. They have been in and out of United.

“I think the best analysis I suspect is just that they see value.

“They were in originally at between $12-14 in 2021, then they sold out at over $20 when there was the prospect of the Qatari takeover in particular.

“It looks like they have bought back in at around $14, presumably thinking that they can make value at that sort of level over time.

“I’m sure it’s purely a financial trade.

“They have very little power when you have less than 5 per cent and very few of the voting rights.”

In other news, Man United’s three-man midfield signing plan revealed.

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