American billionaire investor Leon Cooperman has secured a stake in Manchester United as Sir Jim Ratcliffe nears completing his deal for a share in the iconic club. Cooperman is a former hedge fund manager who has sensationally entered the race after months of news and updates surrounding a potential sale of Manchester United by the Glazers.
Cooperman has purchased one million shares in the Red Devils valued at around £13.4m, according to a recent filing. The founder of New York-based Omega Advisors, the 80-year-old is thought to have a net worth of $2.6 billion (£2.08bn).
The news comes amid speculation INEOS owner Ratcliffe was closing in on a deal to invest in the club after he beat out Qatari Sheikh Jassim bin Hamad Al Thani. He was interested in completing a full takeover of the Red Devils from the heavily-criticised Glazer family.
After Sheikh Jassim pulled out, Ratcliffe was free to complete a deal. Negotiations are ongoing for him to buy 25 percent of the club and an announcement out of Old Trafford is expected soon.
Once a deal is completed, Ratcliffe is expected to take full control of the footballing operations at Old Trafford. He will now also likely work in tandemn with Cooperman after the American’s sudden deal.
A graduate of Columbia, Cooperman joined Goldman Sachs and worked his way up to become chairman and chief executive officer of Goldman Sachs Asset Management. After 25 years with the leading company, he retired and then established private investment partnership, Omega Advisors, before retiring in 2016.
He has also put his name to a number of charitable causes throughout his career. Among other donations, he put £20 million towards Columbia Business School while he has also regularly donated to the Saint Barnabas Medical Center; since 2014, the Leon and Toby Cooperman Family Foundation has pledged around £100m. Cooperman also serves as a board member for the Damon Runyon Cancer Research Foundation.
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While news of Cooperman’s stake in Manchester United will surely be welcomed by fans who despise the Glazers, pundit and vocal club supporter – as well as former player – Gary Neville will likely be frustrated. The former England defender, who won eight Premier League titles with the club, took to Twitter amid news that Ratcliffe was set to invest.
“My preference is and always will be now for a Glazer family full exit,” Neville wrote. “They have overstayed their welcome in Manchester yet seem oblivious to this fact.”
He added: “The news last night of the Qatari withdrawal leaves Manchester United on the brink of a minority investment. Can this really work and what impact will it have on a struggling organisation?
“It’s worth setting out my non-negotiables on a takeover of Manchester United that I made over a year ago.”
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