Manchester United have announced the planned sale of 9.5m ‘Class A ordinary’ shares owned by two members of the Glazer family worth almost £140m at their current price.
The move will see Edward Glazer and Kevin Glazer give up some of their stakes in United, although overall the Americans owners will retain 69% of the Old Trafford club.
It also comes after co-chairman Avram Glazer sold £70m worth of his shares earlier this year.
The shares are listed on the New York Stock Exchange after the club was floated in 2012 and at the time of writing are worth $19.62 each. That means the 9.5m shares being offered for sale by the two Glazer siblings have a combined value of just over $186m, or £137m.
All of the proceeds from the stock sale belong to the Glazers and none will be invested in the club.
The announcement makes that extremely clear: “Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholders.”
Class A shares offered publicly are less valuable than Class B shares that are closely guarded by the Glazer family, with 10 times less voting power within the club. It means that their 69% stake still represents enormous control, while also being able to massively profit from selling.
Edward and Kevin are two of the lesser known members of the Glazer family that was originally headed by the late Malcolm Glazer, who died in 2014.
They are among United’s non-executive directors alongside brother Bryan and sister Darcie. Joel and Avram Glazer are the Glazer brothers most involved with the club, serving as co-chairmen.
Joel is also co-chairman of the Tampa Bay Buccaneers in the NFL with Bryan and Edward.