The Glazer family are seeking to raise £320million ($400m) with the sale of new shares in Manchester United PLC.
United executive vice-chairman Ed Woodward faced investors at lunchtime on Tuesday to discuss the club’s financial situation, with record revenues revealed to the tune of £627.1million.
He also spoke of the need for patience with manager Ole Gunnar Solskjaer, after the club’s disappointing start to the season continued with a 2-0 loss to West Ham on Sunday.
In a statement to fans, Woodward - under-fire from fans - made the declaration that winning trophies remained the club’s No.1 priority, not money.
"Everyone at Manchester United is committed to delivering on our primary objective of winning trophies,” stated Woodward.
However, within hours, a newly-filed prospectus with the United States Securities and Exchange Commission had the club’s owners proposing the sale of 24million Class A shares.
Within the document, signed by both Joel Glazer and Woodward, the proposed maximum offering price per share is $17.64 (£14.12) for the shares, which come with restricted voting rights.
Those shares would be seeking to raise £320million, with the Glazers also filing an equity release to the sum of £336m ($420m) too.
It is not the first time the Glazer siblings have made extra shares available since the club began trading on the New York Stock Exchange back in 2012.
Shares have fallen three per cent in the last month and fell to a two-year low on Tuesday as a full-year revenue guidance for the next FISCAL period fell short of analysts' expectations.
Despite this year's record revenues, Woodward explained that a failure to reach the Champions League leaves United predicting revenue between £560-£580m in 2020.
Four analysts estimated to Bloomberg that the figure would be closer to £618million.
“It’s important that we are patient while Ole and his team build for the future,” Woodward, the club’s executive vice president, told the conference call with investors.
“We will continue to focus on the long-term strategy and won’t be influenced by short-term distraction.”
However, United shares have lost almost a third of their value in the last 12 months.
The new prospectus appears to be a counter-action to these events.
