British investment firm Lindsell Train has again sold some of its holdings of Premier League Club Manchester United, according to a Friday morning SEC filing. During the first quarter of 2025, Lindsell Train dumped more than 700,000 shares, or 13% of its stake.
The firm now owns 9.3% of the Class A shares that trade on the New York Stock Exchange.
Lindsell first invested in Man United in 2017 and held 11.6 million shares at its peak in 2021, when it was the largest institutional shareholder. The firm sold 3.1 million shares in early 2024 when Jim Ratcliffe paid $33 per share for 25% of the club. The fund manager has steadily cut its ownership since then, including 20%, per its October SEC filing, and another 9.3% at the end of 2024.
Lindsell did not respond to a request to comment.
Ariel Investments is now the largest institutional shareholder in the 20-time English champions. In 2024, the Chicago-based investment firm added 3 million shares to its stake and held 8.4 million shares at the end of the year.
It has been a season to forget on the field for Manchester United. The club currently sits 13th in the Premier League standings with eight games remaining. Last season’s eighth-place finish was its previous worst result since the EPL launched in 1992.
In February, United said it would lay off 150 to 200 employees, on top of the 250 employees who were let go last year. Two weeks later, it unveiled its plan to build a 100,000-seat stadium that would cost £2 billion ($2.6 billion based on current exchange rates).
The Glazer family bought Manchester United in 2005, and they issued shares in the team on the NYSE in 2012. The IPO raised roughly $230 million at the $14 per share price. Some investors cashed in during the stock bump after the family hired Raine Group in 2022 to explore “strategic alternatives.” But overall, the stock has been a dud since its IPO, despite soaring private market valuations of sports teams.
Shares closed Thursday at $13.01.