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Manchester United’s Glazer puts 5m shares up for sale

Manchester United’s co-chairman Avram Glazer has put five million of his shares in the English soccer giants up for sale, a move that could net the 60-year-old more than US$100 million.
A deadline of 16th March has been set for the sale of the Class A ordinary shares, which at time of writing are valued by the New York Stock Exchange at US$20.12 apiece.
Following the sale, Glazer’s share of the club will reduce to 10.2 per cent, meaning his family’s overall ownership of United will drop from 78 per cent to 74.9 per cent.
In a statement to the New York Stock Exchange, United said the club ‘will not receive any proceeds from the sale’.
According to The Times, the Glazers do not plan to sell any further shares and remain committed to running United. The US-based Glazer family acquired the 13-time Premier League champions in 2005 for UK£790 million (US$1.09 billion) through a leveraged buyout, but have faced ongoing criticism from fans over their running of the club.
United revealed their second quarter fiscal 2021 results on 4th March, with debt up 16 per cent to UK£455.5 million (US$633.1 million) following 12 months of the coronavirus pandemic.
The club’s revenue was down 7.2 per cent year-on-year to UK£281.8 million (US$391 million), with profit dropping by 6.9 percent to UK£33.8 million (US$46.9 million).
On the pitch, United are second in the Premier League, albeit 14 points behind rivals Manchester City. The Red Devils next face West Ham United at home on 14th March before travelling to Italy to face AC Milan in the second leg of their last 16 Uefa Europa League tie.

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