Steve Lansdown has confirmed that he has sold more than £100m of shares in financial firm Hargreaves Lansdown PLC.
The Bristol City and Bears owner reduced his stake in the financial firm he co-founded with fellow British billionaire Peter Hargreaves.
The financial news and media company Bloomberg reported recently that a Guernsey-based company that Lansdown controls sold 103 million pounds ($137 million) of shares in an offering through Barclays Plc.
The move means that Lansdown's total stock sales in the firm are more than £220 million this year.
“It was just an opportune time, with the market spiking up a bit on the back of the vaccine news,” Lansdown told Bloomberg.
“I thought it was appropriate to take the opportunity to bank some money to reinvest elsewhere and support investments I’ve already got.
“I’ve got a lot of commitments over the next 12 months,” Lansdown said. “Some of them have been planned for a long time, and they’re coming to fruition. Others are of a necessity to support businesses.”
They are expected to include the expansion of Ashton Gate and the creation of a dedicated sports quarter that will also see a new home for the Bristol Flyers.
Meanwhile Bristol City are currently building a new training ground at Failand - expected to open next spring 2021 - while the Bristol Bears opened their new complex earlier this year.
The Robins have yet to release their financial results for 2019/20 but the accounts are expected to be heavily hit by the effects of coronavirus and with matches being played behind closed doors.
City furloughed non-playing staff during the pandemic, while players took three-month wage deferrals and staff, such as CEO Mark Ashton, had temporary pay reductions.
Lansdown, 68, also raised £160m earlier in the year through selling over 2per cent of shares in Hargreaves Lansdown back in May. Shares of Hargreaves Lansdown were reported to have returned about 1,300% since the Bristol-based company's initial public offering in 2007.
