SEC filings show the New York-based firm, led by chairman and CEO Ronald Baron, now owns 9,581,636 shares which is up to 24% of the shares that were sold in 2012 by United’s owners, the Glazer family. However, this still only represents 2.5% of the club.
"Shares of Manchester United dropped… due to a delay in the signing of a new global merchandise deal with Nike and the team's poor performance on the field," said a widely-quoted Baron Capital statement.
"The Nike deal is still expected to be signed, but has been pushed out from this fiscal year. We remain positive on the company's prospects going forward."
Manchester United currently sit 6th in the Barclays Premier League, with little chance of qualifying for next year’s Champions League, the most lucrative club competition in world football.
