Manchester United's poor start to season draws short-sellers

New York

BRITISH football team Manchester United has made a poor showing on the field this season. Now, British hedge fund manager Crispin Odey is making a multimillion-dollar bet that the club's New York-listed shares are destined for a similar slide.

Odey Asset Management, Mr Odey's fund, has taken a US$22 million short position against Manchester United shares. Investors take short positions by borrowing a company's stock and selling it in anticipation of pocketing a profit when they buy the stock back at a lower price. Mr Odey's bet pits him against several investors who remain strong supporters of the team. George Soros has a 5.3 per cent stake, and GLG, a division of the world's biggest hedge fund, Man Group, has a 2.2 per cent stake.