Man City owner makes £1.5bn from bank sale
Wednesday 3rd June 2009, 9:02AM BST.
Manchester City’s Abu Dhabi-based billionaire owner has added £1.5 billion to his coffers by selling a stake in Barclays.
The bank had sought Middle Eastern investment last autumn during the height of the financial crisis.
That led to Sheikh Mansour Bin Zayed al-Nahyan’s International Petroleum Investment Company buying a 12 per cent stake in the form of £2 billion worth of convertible notes that could be changed into Barclays shares at 153p.
Last night those shares were sold at 265p, resulting in a near £1.5 billion profit in just a matter of months, leading to Barclays shares dropping by as much as 13 per cent on Wednesday.
“IPIC has a high regard for Barclays, and great confidence in its management team and ongoing strategy,” Sheikh Mansour’s company said in a statement.
“The emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future.”
Sheikh Mansour took control of Man City last summer, bankrolling a series of high-profile player transfers that look likely to continue in the close season.
His personal wealth is estimated at around £33 billion, with his combined family fortune said to be more than £550 billion.
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