Over £70million worth of Manchester United shares have been put up for sale by the club’s co-chairman Avram Glazer.
United announced “the offering of 5,000,000 of its Class A Ordinary Shares by the Avram Glazer Irrevocable Exempt Trust” following Thursday’s Europa League draw with AC Milan.
The offering is expected to close on Tuesday and the current New York Stock Exchange valuation of 20.13 (£14.44) per share would mean he is in line to rake in £72.2million.
The club confirmed to PA that “Manchester United will not receive any proceeds” from the sale of the Class A shares, which have a tenth of the voting rights of Class B shares.
Avram Glazer’s personal stake would reduce to 10.2 per cent if they are sold, reducing the Glazer family’s ownership from 78 per cent to 74.9 per cent.
The owners completed their leveraged buyout in 2005, and United last week revealed debt was up 16 per cent to £455.5m following 12 months of the coronavirus pandemic.
Additional reporting by PA.
