Last Night Manchester United Quietly announced co-owner Edward Glazer is selling three million ‘A’ shares which carry very little voting rights despite their large value
Edward Glazer, one of six Glazer’s who own shares, has decided to sell little more than six months after his father’s death and stands to make around 45m US dollars (£28.7m).
Malcolm Glazer took ownership of United in May 2005, but his death in May this year saw his children take an equal split of shares.
A statement released by the Manchester United and the New York Stock Exchange – where 10 per cent of United’s shares are listed – announced the offer of “Class A Ordinary Shares”.
It means Edward Glazer, who serves as co-chairman of NFL team the Tampa Bay Buccaneers and is co-president of the Glazer Family Foundation, is to receive a windfall from the sale, which could be concluded this week.
The statement read: “Manchester United plc today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the ‘Selling Shareholder’).
“The underwriter will have an option to purchase up to an additional 450,000 Class A Ordinary Shares from the Selling Shareholder.
“Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholder. The offering is expected to close on December 12, 2014, subject to customary closing conditions