Lindsell Train Discloses 4,376,500 MANU Shares, ~7.80% Stake

Rhea-AI Filing Summary

Manchester United plc reporting persons Lindsell Train Limited, Michael James Lindsell and Nicholas John Train jointly filed an amendment to Schedule 13G disclosing that managed accounts under Lindsell Train owned 4,376,500 Class A ordinary shares as of 09/30/2025. That holding represents approximately 7.80% of the class. The Manager states it has investment discretion and shared voting and dispositive power over these shares, while each Reporting Person disclaims direct beneficial ownership except for any pecuniary interest.

The filing notes no intent to change or influence control and treats the positions as held in the ordinary course of business. Signatures from the Manager's Chief Compliance Officer and both named individuals are dated 10/06/2025.

Positive

• Material disclosure of a >5% stake provides transparency to the market
• Manager reports investment discretion and formal signatures, indicating governance oversight

Negative

• Concentration risk: a single manager controls 7.80% of the class, which can affect voting outcomes
• Limited clarity on intentions: filing asserts no intent to influence control but provides no detail on engagement strategy

Insights

Institutional Ownership Analyst

Lindsell Train reports a material >5% stake in Manchester United.

The Manager and two principals disclose collective ownership of 4,376,500 Class A shares, equal to 7.80% of the class as of 09/30/2025. Ownership is held in separately managed accounts where the Manager has shared voting and dispositive power.

This position is material because holdings above 5.00% must be reported and can influence shareholder dynamics; the filing explicitly states the shares are held in the ordinary course and not intended to change control. Watch forthcoming filings for any shifts in percentage or statements that move from passive to active engagement over the next 30–90 days.

Corporate Governance Specialist

Shared voting power signals coordinated control through managed accounts.

The Manager reports shared voting power and shared dispositive power for all reported shares, while the named principals note significant membership interests in the Manager. This structure commonly means voting and disposition decisions flow through the investment manager rather than directly from the individuals.

Risks and dependencies include potential changes in manager discretion or account mandates that could alter voting behavior. Investors should monitor any subsequent Schedule 13 filings or proxy-related disclosures within the next quarter for changes in voting intentions or group formation.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 14)

MANCHESTER UNITED PLC

(Name of Issuer)

Class A ordinary shares, par value $0.0005 per share

(Title of Class of Securities)

G5784H106

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G5784H106

1

Names of Reporting Persons

Lindsell Train Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,376,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,376,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,376,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.80 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G5784H106

1

Names of Reporting Persons

Mr. Michael James Lindsell

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,376,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,376,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,376,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.80 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. G5784H106

1

Names of Reporting Persons

Mr. Nicholas John Train

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,376,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,376,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,376,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.80 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MANCHESTER UNITED PLC
(b)	Address of issuer's principal executive offices: Sir Matt Busby Way, Old Trafford, Manchester M16 0RA, United Kingdom
Item 2.
(a)	Name of person filing: This Schedule 13G/A is being jointly filed by Lindsell Train Limited ("the Manager"), a corporation organized under the laws of England and Wales, United Kingdom, Mr. Michael James Lindsell and Mr. Nicholas John Train with respect to the ownership of shares of Ordinary Shares of the Issuer by several separately managed accounts over which the Manager has investment discretion and voting power ("the Managed Accounts"). The Manager and Messrs. Lindsell and Train are collectively referred to in this Schedule 13G/A as the Reporting Persons.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of the Manager and Messrs. Lindsell and Train is 66 Buckingham Gate, London SWIE 6AU, United Kingdom.
(c)	Citizenship: The Manager is a corporation organized under the laws of England and Wales, the United Kingdom. Messrs. Lindsell and Train are citizens of the United Kingdom.
(d)	Title of class of securities: Class A ordinary shares, par value $0.0005 per share
(e)	CUSIP No.: G5784H106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,376,500.00
(b)	Percent of class: 7.80%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,376,500
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,376,500
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, 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 and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Lindsell Train Limited

Signature:	Mathew McNeill
Name/Title:	Mathew McNeill, Chief Compliance Officer
Date:	10/06/2025

Mr. Michael James Lindsell

Signature:	Mr. Michael James Lindsell
Name/Title:	Mr. Michael James Lindsell
Date:	10/06/2025

Mr. Nicholas John Train

Signature:	Mr. Nicholas John Train
Name/Title:	Mr. Nicholas John Train
Date:	10/06/2025

Comments accompanying signature: 1. Items 4(a) and (b) of Schedule 13G/A As of September 30th, 2025, the Managed Accounts were the legal owners of 4,376,500 shares of Ordinary Shares, respectively. Based on there being shares of Ordinary Shares, the Managed Accounts' holding represents approximately 7.80% of the 4,376,500 outstanding Ordinary Shares, respectively. The Manager serves as investment manager to the Managed Accounts and has investment discretion and voting power over the shares of Ordinary Shares held by the Managed Accounts. Accordingly, the Manager may be deemed to be the beneficial owner of the Ordinary Shares. Michael Lindsell owns a significant membership interest in the Manager and as such may be deemed to control shares held by the Manager by virtue of his interest in the Manager. Nicholas Train owns a significant membership interest in the Manager and as such may be deemed to control shares held by the Manager by virtue of his interest in the Manager. Each of the Reporting Persons disclaims beneficial ownership of the shares of Ordinary Shares of the Issuer held by the Managed Accounts, except to the extent of any pecuniary interest therefrom, and this report shall not be deemed to be an admission that they are the beneficial owners of such securities. 2. Item 4(c) of Schedule 13G/A As of September 30, 2025, each of the Reporting Persons may be deemed to have the power to vote or to direct the voting of and to dispose or to direct the disposition of the 4,376,500 shares, respectively, of Ordinary Shares held by the Managed Accounts. Each of the Reporting Persons disclaims beneficial ownership of the shares of Ordinary Shares held by the Managed Accounts, except to the extent of any pecuniary interest therefrom, and this report shall not be deemed to be an admission that they are the beneficial owners of such securities.

FAQ

What stake does Lindsell Train hold in Manchester United (MANU)?

The managed accounts hold 4,376,500 Class A ordinary shares, representing approximately 7.80% of the class as of 09/30/2025.

Who filed the Schedule 13G/A for MANU?

The amendment was jointly filed by Lindsell Train Limited, Mr. Michael James Lindsell, and Mr. Nicholas John Train.

Does the filing indicate an intent to influence control of Manchester United?

No; the statement certifies the securities are held in the ordinary course of business and were not acquired to change or influence control.

What voting power does the Manager have over these MANU shares?

The Manager reports 0 sole voting power and 4,376,500 shares of shared voting power, and likewise 4,376,500 shares of shared dispositive power.

When were the signatures on the Schedule 13G/A dated?

Signatures from the filing parties are dated 10/06/2025.