News Summary: BlackRock takes stake in ManUnitedJanuary 30, 2013 @ 2:32 pm
(AP) - NEW OWNER: The investment firm BlackRock said it has taken an 8 percent stake in the publicly traded shares of Manchester United.
MEET THE GLAZERS: The football club went public on the New York Stock Exchange last August. But the American family that owns the team, the Glazers, maintains voting control through Class B shares that have 10 times the voting power of the stock sold to the public.
IMPROVED: Manchester United used some of the IPO proceeds to pay down debt and has recently signed up a string of sponsorship deals. Its stock has surged 19 percent so far in 2013.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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