March 15 – Manchester United co-chairman Avram Glazer (pictured) has put 5 million of his club shares up for sale in an offering that is expected to close tomorrow and gross him more than €100 million.
The club announced the share “offering of 5,000,000 of its Class A Ordinary Shares by the Avram Glazer Irrevocable Exempt Trust”, following last Thursday’s Europa League draw with AC Milan.
At $20 a share Glazer – who is the club’s co-chairman – would achieve $100 million. The Man Utd share price closed on the New York Stock Exchange at $18.26 on Friday but in pre-market trading this morning is already quoted at $18.50.
The sale will reduce Glazer’s personal stake in to 10.2% and the Glazer family ownership from 78% to 74.9%.
The Glazers, who bought the club in 2005, are not believed to be planning further share sales. The club said: “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.”
Earlier this month Man Utd announced pre-tax profit for the three months to December 31 at £68.2 million, enabling the club to post a positive figure of just over £41 million for the first six months of the 2020-21 financial year.
Net debt at December 31 was put at £455.5 million, an increase of £64.2 million over the year.
See latest report here, http://www.insideworldfootball.com/2021/03/05/brief-champions-league-return-enough-man-utd-post-68m-profit/
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