The Manchester United ownership takeover saga has become the talk of the town since the Glazers family finally put the club up for sale. However, the owners rejected a bid from Qatari billionaire Sheikh Jassim to acquire the entire club. The billionaire eventually withdrew his final offers during the ongoing developments in October.
Sir Jim Ratcliffe is expected to be announced soon as the new co-owner, acquiring a 25% share of Manchester United with full control of the club’s operations. This development comes amid American billionaire investor Leon Cooperman purchasing minority shares in the club.
Who is billionaire Leon Cooperman?
Leon G. Cooperman was born in 1943 in New York to a middle-class Jewish-Polish immigrant family that had moved to the United States. Cooperman’s father worked as a plumber, and Leon attended public school. He later went on to attend Hunter College, becoming the first member of his family to earn a college degree. Subsequently, he received a Master of Business Administration from Columbia Business School.
Leon Cooperman is renowned as a legend on Wall Street in the world of investments and brokerage. After graduation, he joined Goldman Sachs & Co., a global investment banking firm, where he worked for nearly 25 years. During his tenure, he climbed up the ranks and was elected to the roles of Chairman and Chief Executive Officer. He also played a significant role in starting the Goldman Sachs Asset Management division before eventually leaving the company.
In 1991, Leon Cooperman founded the hedge fund Omega Advisors, Inc. Although he later decided to shut down the hedge fund, returning the funds to investors, during its operation, Omega Advisors managed investments of over $3.7 billion in assets. Cooperman retired in 2016. According to Forbes, as of their estimate, Cooperman has a net worth of $2.8 billion, making him the 1,097th richest person in the world.
Leon Cooperman holds nearly 1 million shares in Manchester United
Reportedly, the 80-year-old American billionaire and former Omega Inc. founder, Leon Cooperman, has acquired a minority stake of one million shares valued at £13.4 million, as per recent filing reports from Manchester United. It is clarified that Leon Cooperman’s investments will not have any effect on Sir Jim Ratcliffe’s bid of £1.25 billion to buy a 25% stake in the Premier League club.
The INEOS Group consortium, led by Jim Ratcliffe and Dave Brailsford, is anticipated to take over the club’s operations following an official announcement confirming their ownership. The duo plans to instigate a major change in administration by replacing the Red Devils’ CEO, Richard Arnold, and the sporting directors, John Murtough and Director Darren Fletcher as part of their blueprint to revamp the squad.