George Soros Scores With Man U Stake
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) .
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.