The sale is worth around eight per cent
Manchester United’s owners have listed 9.5 million shares in the club up for sale, with a value of $186.86m (£137.12m).
On Tuesday night, the Red Devils informed the New York Stock Exchange of the sale, in the names of club directors Edward Glazer and Kevin Glazer.
The latest sale is worth around eight per cent of the Glazer’s family’s total combined ownership of the club – which is now 69 per cent.
It is believed that the price the shares will be sold for will be lower than the Stock Market value due to the large number being sold.
An official statement released on Tuesday made it clear that the club “will not receive any proceeds from the sale”, with United’s owners set to receive all of the money raised by the sale of shares.
“Manchester United plc (“Manchester United”) today announced the offering of 9,500,000 of its Class A Ordinary Shares by the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust (the “Selling Shareholders”).
“Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholders. The offering is expected to close on October 8, 2021, subject to customary closing conditions. The Class A Ordinary Shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “MANU.”
Kevin and Edward Glazer to sell 9.5 million Manchester United ‘A’ shares (which carry one vote each), which will generate $166 million for the brothers. Manchester United’s share price ⬇️ 11% in post market trading knocking $350 million off the value of the company #MUFC pic.twitter.com/DGpsBcstmR
— Kieran Maguire (@KieranMaguire) October 5, 2021
The sale comes seven months after Avram Glazer sold £70m worth of shares in the club.
In May, United’s Premier League match against Liverpool was postponed due to fan protests outside Old Trafford.
Joel Glazer – who was heavily involved in the negotiations around the proposed European Super League project – has attended two recent Fans’ Forums, where he claimed he would make shares available to fans.
Last month, United’s co-chairman stated that implementing a share scheme was “rather complex”, but added: “we’re jumping those hurdles” and hoped to bring the initiative to a conclusion “in the not-too-distant future”.
Related links:
- Joel Glazer says Gary Neville has been “pretty hard” in his criticism of Glazer family
- Ole Gunnar Solskjaer given vote of confidence by Glazer family
- Manchester United Supporters Trust respond to letter from Joel Glazer
