American billionaire investor and former hedge fund manager Leon Cooperman has taken a late stake in Manchester United, according to Bloomberg.
The 80-year-old reported a position of just under 1 million shares currently valued at £13.5 million ($16.8m).
Hedge funds Psquared Asset Management AG and Antara Capital took stakes in Man United earlier this year, and Cooperman, who has a net worth of £2.1 billion has now joined them.
Soon-to-be minority owner Sir Jim Ratcliffe restructured an offer for the Old Trafford club to address concerns from minority holders about being excluded from any deal in September after Sheikh Jassim Bin Hamad Al Thani withdrew his offer to buy Man United.
Lindsell Train, Ariel Investments LLC and Eminence Capital are some of the minority holders, and Eminence Capital founder Ricky Sandler insisted that he would oppose anything that gives the Glazers a materially better deal than minority investors.
Eminence Capital manages about £4.8Bn ($6Bn) of assets, and is currently the third-largest shareholder of Man United.
Ratcliffe has already agreed to buy a 25% stake worth more than £1.25Bn and will be officially unveiled before the end of November.
The British billionaire and owner of Ligue 1 club OGC Nice will take charge of the football operations of Man United and is also set to invest £245m into the rebuilding of the infrastructure at the Old Trafford club.
Ratcliffe is expected to eye a full takeover in the future and he will hope to hit the ground running and help turn the fortunes of the Red Devils around on and off the pitch sooner rather than later.
He is looking to provide manager Erik ten Hag with needed funds in the January transfer window as the Dutchman looks to rebuild his squad.
Ratcliffe is also reportedly ready to sanction the sale of Brazilian midfielder Casemiro to fund a needed squad rebuild as the moneybags from Saudis look to sign him.
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