News Summary: BlackRock takes stake in ManUnited

Updated at: 01/30/2013 4:07 PM
By The Associated Press

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 by The Associated Press. All Rights Reserved.)