NEW YORK ( TheStreet) -- The man who broke the Bank of England is making waves again in the country, taking a large stake in the country's most successful soccer team, Manchester United (MANU - Get Report).
Soros is well-known for his political leanings and taking various stances on public policy, but is also well known for betting against the British pound. In an event now known as Black Wednesday, Soros sold short more than $10 billion worth of British pounds, speculating the Bank of England would eventually devalue the currency. The United Kingdom finally withdrew from the European Exchange Rate Mechanism, and devalued its currency, which netted Soros approximately $1 billion in profits. It's estimated it cost the UK Treasury approximately £3.4 billion.
Manchester United lost to rival Everton 1-0 in Monday's match. Shares of Man U fell 2.68% in Monday trade to $13.06, and were little changed in after-hours after the news broke. Interested in more on Manchester United? See TheStreet Ratings' report card for this stock. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts