October 23, 2021

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Glazer family to sell £137.12m worth of Manchester United shares

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Manchester United’s owners, the Glazer family, have put up another 9.5 million shares worth $186.86m (£137.12m) for sale.

Man United notified the New York Stock Exchange of the sale on Tuesday, in the names of club directors Kevin Glazer and Edward Glazer.

The statement makes it clear the club “will not receive any proceeds from the sale”.

The Glazer family will receive all of the money raised by the sale of shares with none of it going directly back to Man United.

An official club statement on Tuesday evening confirmed the news: “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”).

Read Also: Angry fans could be end of Glazers Manchester United ownership

“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.”

It comes five months after United’s Premier League game against Liverpool was postponed due to fan protests.

That followed the collapse of the European Super League project which saw United co-chairman Joel Glazer heavily involved in the negotiations.

In March, Avram Glazer sold £70m worth of shares in the club.

The sale represents 8% of the family’s total combined ownership, although they will still hold a combined 69% of the shares in United and sources say they remain committed to the club.

It is almost certain the shares will be sold at a price lower than the Stock Market value because of the sheer number being sold.

United co-chairman Joel Glazer has twice attended Fans’ Forums in the wake of the supporter unrest and pledged to make shares available to fans.

In September, he said 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”.

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