Avram Glazer to sell Manchester United shares worth £70m
According to The Guardian, Manchester United co-chairman Avram Glazer is set to sell £70m worth of shares in the club.
The revelation was made following United’s 1-1 draw with AC Milan in the Europa League on Thursday night. The offering of 5,000,000 of its Class A Ordinary Shares is expected to close on Tuesday. The current New York Stock Exchange valuation of £14.39 per share would mean he is in line to earn £72.2m.
Concerningly it has been confirmed that United will not receive any proceeds from the sale. The sale will also reduce the Glazer family’s ownership of the club from 78% to 74.9%.
The news comes on the heels of the club announcing their second-quarter financial results that saw the net debt grow to £455.5m. (h/t Manchester Evening News)
The debt saw a rise of £64.2m compared to last year’s results. However, much of that can be attributed to the ongoing lack of matchday revenues.
United’s class B shares are almost entirely owned by the Glazer family. Avram’s individual stake will drop by 10 percent once the five million shares are sold. (h/t The Independent)
The Glazers took over the club in 2005 and have divided the fanbase regarding their opinion of them. The fact that they continue to make money while the club doesn’t is unlikely to go down well with the fans.
More Manchester United News
- Napoli keen to enter the race for Manchester United loanee Diogo Dalot
- Manchester United star Nemanja Matic leaves the door open for Benfica return
- Manchester United star Aaron Wan-Bissaka names Neymar as his toughest opponent
United, meanwhile, enjoyed a frustrating night on the pitch against Milan on Thursday. A stoppage-time header by Simon Kjaer ensured that the Italians take an advantage going into the second leg in San Siro.