Who is Leon Cooperman? Exploring net worth and more of the American investor as he picks up minority stake in Manchester United
American billionaire Leon Cooperman has become a shareholder at Manchester United after he acquired a minority stake in the club. The billionaire managed to convince the Glazer family to sell 1,000,000 shares of the club to him amid talks of a takeover.
For about a year, Manchester United has been the subject of takeover conversations after majority owners, the Glazer family, declared the club for sale. Qatari billionaire Sheikh Jassim tried and failed to buy the club from the American family, eventually giving up in October.
British billionaire Sir Jim Ratcliffe is expected to buy a 25% stake in the club, which would earn him a major say in the sporting decisions. While talks over the bid from Sir Ratcliffe remain ongoing, Cooperman has managed to pick up a million shares for around $16.8 million.
Leon Cooperman is an 80-year-old businessman and former hedge fund manager with a net worth of around $2.6 billion. He founded New York-based Omega Advisors as a private investment partnership firm in 1992 and converted it to a family office in 2016.
The completion of the deal for Cooperman to buy the minority stake in the club is not expected to affect the ongoing deal with Sir Jim Ratcliffe. The Brit is expected to complete the purchase of a fourth of the club's shares in the coming weeks.
Manchester United stuck in limbo amid ownership confusion
Erik ten Hag surely did not bargain for a management change at Manchester United when he took over as manager of the club. The Dutch must be frustrated by matters at the club after nearly a year of negotiations and an uncertain future.
United went through the summer unsure of how much was available to spend, causing hiccups in their transfer dealings. Even though the Red Devils eventually signed Andre Onana, Mason Mount, Sofyan Amrabat, Rasmus Hojlund and several others, there was no definite plan in place.
The club's fans have repeatedly protested against the ownership of the Glazers, and their protests have yielded no changes yet. The Glazers remain in control of the club and are set to retain their majority stake after refusing to sell to Sheikh Jassim.
The transfer plans of Manchester United remain obscure due to the ownership situation at the club. Ten Hag will hope for a quick resolution as his side are struggling and in dire need of stability heading into 2024.