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Birmingham Post
Birmingham Post
Business
Jon Robinson

Glazers put nearly £140m of Manchester United shares up for sale

The owners of Manchester United have put up another 9.5 million shares, which are valued at £137.12m in total, up for sale.

The New York Stock Exchange was told of the move by the Premier League club on Tuesday evening.

Club directors Kevin Glazer and Edward Glazer have been named in the shares sale while the statement added that the club "will not receive any proceeds from the sale".

READ MORE: Losses continue to rise despite 'robust' results at Manchester United as club welcomes Ronaldo and Sancho

The move comes after Avram Glazer sold £70m worth of shares in the club in March.

The sale represents 8% of the family's total combined ownership, although they will still hold a combined 69% of the shares in United.

The latest development comes amid continuing fall-out following the failure of the European Super League project, in which the Glazers were heavily involved, earlier this year.

United and 11 other leading European clubs threatened to break away to form their own rival competition to the Champions League.

It quickly collapsed after being hit by a wave of fan, sporting and political opposition.

That then brought the turbulent relationship between United supporters and the Glazers, which has existed since the Americans took control in 2005, back to the fore.

In response the Glazers promised to engage more with supporters and said some shares would be made available to fans.

An official club statement on Tuesday evening said: "Manchester United plc today announced the offering of 9,500,000 of its Class A Ordinary Shares by the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust.

"Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the selling shareholders. The offering is expected to close on October 8, 2021, subject to customary closing conditions.

"The Class A Ordinary Shares are listed on the New York Stock Exchange (the "NYSE") under the symbol "MANU."

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