Glazers put 9.5m Man Utd shares on sale, valued at $186.6m

Man Utd3

October 6 – The Glazer family, Manchester United’s owners, have put up another 9.5 million shares, with a value of $186.86 million for sale.

On Tuesday night, the club notified the New York Stock Exchange of the sale in the names of club directors Kevin Glazer and Edward Glazer.

The statement makes it clear the club “will not receive any proceeds from the sale”. Last March, Avram Glazer put five million shares on sale, banking £70 million. It reduced his personal share to 10.2% and the Glazer family’s combined ownership fell from 78% to 74.9%.

With the new sale, that percentage will drop further.  The sale represents 8% of the family’s total combined ownership. The family will still hold a combined 69% of the shares in United, a firm majority position.

The American family have been deeply unpopular with the United fan base ever since they acquired the club in 2005 and after years of an estranged relationship.

Supporters’ loyalty was further tested when United formed part of an elite circle of clubs that tried to breakaway from European football by launching a Super League.  United’s Premier League game against Liverpool had to be postponed because of fan protests. Since then, United co-chairman Joel Glazer has twice attended Fans Forums, pledging to make shares available.

The club’s debts stand in excess of £455.5 million. It is estimated that since the Glazer takeover, more than £1 billion has left the club in finance costs to service the debt and pay dividends to the family.

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