The Glazer family are selling 9.5 million Class A shares in Manchester United totaling 8% of the club’s ownership.
The Business Wire reports that the sale will raise in excess of $160m which will be taken out by Kevin and Edward Glazer with the club set to receive none of that money since the shares are the publicly traded Class A shares.
While these Class A shares (1 vote per share) are not the Class B shares (10 votes per share) and the Glazers have therefore not reduced their power hold on Man United, it does reduce their overall ownership down to 69%.
The Glazers are selling nearly 10% of the publicly available shares in United, allowing another investor to purchase these. In September, Ariel Investments increased their stake in United to more than 5% after purchasing more than $100m Class A shares on the New York Stock Exchange.
Another 9.5m @ManUtd shares, value $186.86m (£137.12m) at close of play price in New York today, being sold by Kevin + Edward Glazer. Sale price will be less that value due to amount being sold. Represents 8% of family’s total combined ownership, although they will still hold 69%— Simon Stone (@sistoney67) October 5, 2021