market folly

George Soros' hedge-fund-turned-family-office Soros Fund Management has disclosed a stake in newly public Manchester United (MANU).  Per a 13G filed with the SEC, Soros Fund has disclosed a 7.85% ownership stake in MANU with just over 3.1 million shares.

This is obviously a brand new position as the English Premier League football club completed its initial public offering (IPO).  The proceeds were largely used to pay down debt the club was saddled with.

The IPO priced at $14, well below its anticipated range of $16-18.  Since debuting, shares traded down below $13, but have bounced back up to around $13.77.  Many investors seem skeptical given that the name is hard to borrow at numerous brokers. 

Per Google Finance, Manchester United is "engaged in the operations of professional sports team. It provides manchester united a platform to generate revenue from multiple sources, including sponsorship, merchandising, product licensing, new media & mobile, broadcasting and matchday. The Company had three principal sectors: Commercial, Broadcasting and Matchday."