THE SIDELINES : Soccer Club Sold at Record Price
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From Times wire services
MANCHESTER, England — Manchester United, one of the world’s most famous soccer clubs, was sold today in a surprise deal worth more than $31 million, a record for a British club.
A consortium led by Isle of Man-based businessman Michael Knighton paid United Chairman Martin Edwards $15.8 million for his controlling interest in the English First Division club.
The buyers said up to $15.6 million would be spent on redeveloping the club’s famous Old Trafford ground.
Edwards, chairman for 9 1/2 years, will stay on as vice chairman and chief executive.
