There’s another plot twist in the Manchester United sales saga.

As British billionaire Jim Ratcliffe looks to acquire 25% of the club and take control of soccer operations from the Glazer family, a filing with the U.S. Securities & Exchange Commission on Monday shows that Chicago-based Ariel Investments continues to shed its stake in the iconic Premier League Club.

The filing shows that Ariel reduced its position by 831,000 shares, or 13%, during the third quarter of this year. Ariel now holds nearly 5.7 million shares and is the club’s second-largest institutional shareholder behind British investment management company Lindsell Train.

Ariel has been invested in Manchester United for more than two years, and its holding reached 12.3 million shares in March 2022. Soon after, though, it began to reduce its stake, accelerating that strategy last year when the Glazers said they would consider strategic alternatives for the club — including a potential sale or new investment.