Manchester United plc (MANU, Financial) is the best-known team in the English Premier League. It generates revenue from broadcasting, sponsorship, and licensing. Shares declined in the quarter likely driven by weak on-pitch performance and the absence of Champions League revenue next year. We believe Manchester United is a unique media company with broad global appeal and its shares should benefit as the company continues its robust commercial partnership strategy. Manchester United’s upcoming shirt licensing renewal contract as well as its investments in player recruiting and training have the potential to enhance results.
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund third-quarter 2019 shareholder letter.
