Manchester United’s owners have put 9.5million shares up for sale as they look to relinquish eight per cent of their controlling stake.
The club released a statement to the New York Stock Exchange on Tuesday, confirming the sales will be made in the names of Kevin and Edward Glazer.
It is thought the sale of the shares in question will raise £137.12m, though United’s statement made clear that 100 per cent of the money will be kept by the Glazers.
“Manchester United will not receive any proceeds from the sale of any Class A ordinary shares by the selling shareholders,” it read.
Joel Glazer, United co-chairman, had promised at a fan forum back in June that the club were planning to offload more shares, potentially allowing supporters to buy them as the ownership group attempted to build bridges in the wake of the European Super League fiasco.
United and 11 other major European teams attempted to form a breakaway competition that would rival the Champions League, but a stunning backlash from fans quickly led to all six English clubs involved backing out.
The Glazers’ relationship with fans had been rocky at best ever since the family plunged the club into massive debt when Malcolm Glazer financed his initial takeover in 2003 with loans that were secured against United assets.
Their involvement in the Super League’s attempted coup of elite club football further exacerbated ill-feeling among supporters, forcing the Glazers into crisis management – June’s fan forum was Joel Glazer’s first such appearance in 15 years as part-owner.
Three months earlier, Avram Glazer put 5m shares on the market at a valuation of £72.2m. None of the proceeds went to the club.