BSkyB has sold its 9.9% stake in Manchester United for around £62 million, as it continues to cut back its investment in individual football clubs.
The satellite broadcaster confirmed today that it had sold its entire stake of 26 million shares in the Premiership champions at £2.39 each. The buyer has been revealed as The Cubic Expression Company owned by existing shareholders JP McManus and John Magnier.
In 1998, Sky paid approximately £61 million for its Manchester United shares and later made an abortive attempt to buy the club. Granada and NTL also bought stakes in Premiership clubs but these investments have not been as fruitful as hoped.
Over the summer, BSkyB sold its stake in Chelsea to the club’s new owner Roman Abramovich (see BSkyB Cuts Its Losses In Chelsea) and now has an interest in just three clubs, Leeds United, Manchester City and Sunderland.
