Purchase of Manchester United Shares by Three Iranians - 2004-01-05

Iranian investors have entered the London Stock Exchange for the first time, purchasing over one million one hundred thousand shares of Manchester United. According to the Iranian Students News Agency (ISNA), Mohammad Reza Bahmani, the owner of the Esteghlal Novin club and one of the buyers, stated in an interview that they have purchased one hundred thousand shares of the English club worth six and a half billion rials, with each share valued at five pounds, along with two other Iranians residing in the country (each buying five hundred thousand shares). They anticipate that in a few years, by acquiring 10% of these shares, they will become members of the club's board of directors, which will require them to purchase an additional approximately 450 billion rials worth of shares. Bahmani noted that the goal of buying six and a half billion rials worth of shares in an English club is to pave the way for foreign investors in Iranian football, stating that their main aim is to develop foreign private investment and bring top clubs from around the world to Iran. Thus, these shares were purchased through entering the London Stock Exchange, marking the beginning of further actions. The purchase of these shares by Iranians received widespread attention in the country, resulting in an increase of 11 cents (with each cent valued at 84 tomans) in the club's stock price.