Manchester United has become the highest valued sports team in the world at about $3.3 billion.

The American Glazer family that owns Manchester United sold 16.7 million shares, or a 10 percent stake, to the public in August, Bloomberg reported.

After a slow start, when the stock went public at $14, it has rebounded in the past few days, topping the S&P 500 index, Forbes reported.

The business website credits billionaire investor George Soros’ 7.85 percent stake in the soccer club as one of the main reasons for its turn around. Soros bought about 3.1 million class A ordinary shares of Manchester United just shortly after it first went public.

The team was named as one of the most valuable sports teams by Forbes even then; it was valued at $2.23 billion at that time.

The team has also garnered numerous sponsorships with such companies as Japanese paint maker Kansai and China Construction Bank; United also stands to make a lot of money if the team wins the English Premiership, as well as the Champions League.

The second highest valued sports team now is the NFL's Dallas Cowboys, worth about $2.1 billion.