SCHEDULE: Lindsell Train Maintains 6.41% Stake in Manchester United

Lindsell Train Limited and its principals disclose a continued 6.41% beneficial ownership in Manchester United PLC Class A ordinary shares as of December 31, 2025.

Summary

• Lindsell Train Limited, Mr. Michael James Lindsell, and Mr. Nicholas John Train collectively report beneficial ownership of 3,596,500 Class A ordinary shares of Manchester United PLC.
• This ownership represents 6.41% of the total 56,086,184 outstanding Class A ordinary shares.
• The reporting persons hold shared voting power and shared dispositive power over all 3,596,500 shares.
• The shares are held by several separately managed accounts over which Lindsell Train Limited has investment discretion and voting power.
• The acquisition and holding of these securities are stated to be in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a stable, significant institutional investment by a reputable firm, suggesting continued confidence in the issuer. While a factual disclosure, the maintenance of a substantial stake is generally viewed positively by the market.

Positives

• A significant 6.41% stake held by a reputable investment firm like Lindsell Train Limited indicates continued institutional confidence in Manchester United PLC.
• The filing confirms a stable, long-term investment approach, as the shares were acquired and are held in the ordinary course of business without intent to influence control.

Negatives

• No specific negatives are disclosed in this beneficial ownership filing.

Risks

• The filing does not detail specific risks related to Manchester United PLC's operations or financial health, as it is an ownership disclosure.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Manchester United PLC or the reporting persons regarding the issuer's future performance.

Management Comments

• "To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities."

Industry Context

Manchester United PLC operates in the global sports and entertainment industry, specifically professional football. A significant, passive investment by a UK-based asset manager like Lindsell Train underscores the appeal of established global sports brands as long-term holdings, often valued for their brand equity, fan base, and media rights.

Stakeholder Impact

• Shareholders: The continued significant stake by Lindsell Train Limited may provide a sense of stability and institutional backing for existing shareholders.
• Management: The certification that the shares are not held for the purpose of changing or influencing control suggests a passive investment, reducing immediate pressure from this particular large shareholder.

Key Dates

Recommendation

This Schedule 13G/A filing confirms Lindsell Train Limited's continued significant, passive stake in Manchester United PLC. It does not introduce new operational or financial data that would fundamentally alter the investment thesis. The maintenance of a substantial position by a respected institutional investor suggests a stable outlook from their perspective, warranting a 'hold' recommendation for investors who may already have a position or are considering one based on broader company fundamentals, as this filing primarily confirms existing institutional interest rather than signaling a new catalyst.

Keywords

Manchester United, Lindsell Train, SEC filing, beneficial ownership, Class A shares, institutional investment, football club, sports industry, equity stake