Manchester United ownership family, Kevin and Edward Glazer have put their shares up for sale for £137.12 million. In order to sell off 8% of their controlling position, Manchester United’s owners have put 9.5 million shares on the market. The football club confirmed that the sales will be made in Kevin and Edward Glazer’s names as they issued a statement to the New York Stock Exchange on Tuesday.
The sale of the shares in question is expected to raise £137.12 million, while United’s announcement stated that the Glazers will keep 100% of the proceeds. “Manchester United will not receive any proceeds from the sale of any Class A ordinary shares by the selling shareholders,” it read.
At a fan forum in June United co-chairman Joel Glazer stated that the club will sell more shares, possibly allowing supporters to buy them, as the ownership group moved to mend fences following the European Super League debacle. United and 11 other prominent European clubs sought to organize a rival league to the Champions League, but a massive response from supporters swiftly forced all six English clubs to withdraw.
Since Malcolm Glazer financed his original takeover with loans secured against United assets in 2003, plunging the club into huge debt The Glazers’ relationship with United fans had been tumultuous at best. Their role in the Super League’s attempted takeover of elite club football intensified fan discontent, driving the Glazers into crisis management — Joel Glazer’s first visit at a fan forum in 15 years as a part-owner was in June. Three months prior Avram Glazer had put 5 million shares on the market valued at £72.2 million. The revenues did not go to the club.
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