Landsdowne Partners cuts stake in Manchester United

Manchester United PLC has said Lansdowne Partners Limited Partnership has reduced its stake in the Premiership football club to 3.72%.

In a stock exchange notification it said Lansdowne now owns 9.7 million Manchester United shares or 3.72%, down from 13.4 million shares or 5.17% when it previously notified its holding on October 6.

Lansdowne controls these shares on behalf of client funds that it manages.

It was previously reported in the Guardian that Malcolm Glazer, owner of the Tampa Bay Buccaneers American football team, increased his stake in Manchester United PLC from 5.9% to 7.4%.

According to the paper, Glazer yesterday purchased a 1.5% stake from a small investment fund, paying £2.50 a share, in response to the purchase by Cubic Expression of British Sky Broadcasting Group PLC's 9.9% stake at £2.39 a share.

Cubic Expression is the vehicle of Irish racing tycoons John Magnier and JP McManus.

At 10.25am this morning shares in Manchester United were down 5%, at £2.36.