Manchester United Supporters Trust welcomed Avram Glazer's $100million share sale - and said it was a "small step" towards the kind of ownership model they wanted to see at the club.
United co-chairman Glazer is selling five million shares worth £71million ($100m) reducing the family stake from 78 per cent to 74.9 per cent, after the club’s share price rose to over $20 for the first time in 14 months.
However, the Glazer family will not be relinquishing much control in the running of the Premier League side, despite 4.2million of his 5million shares on offer being the more powerful Class B.
The Glazer family own 124million of those, which come with 10 votes per share. The 40.5million Class A shares are split between members of the Glazer family and thousands of investors - offering just one vote per share.
Nevertheless, Manchester United Supporters' Trust (MUST) said the sale was a "welcome announcement" as a "small step towards more diversified ownership model".
"Ultimately this is the Glazer family relinquishing some of its control, albeit in a relatively limited way," MUST added.
"For those of us who want a change in ownership model, the Glazer family selling shares is the only way this can happen.
"The downside of this move is that the shares being sold have inferior voting rights and the proceeds from the sale will not go into the club."
United confirmed in a press release on Thursday night that the club will “not receive any proceeds” from the share sale.
A deadline of Tuesday, March 16 has been put on the sale.
The move comes a week after the club posted financial results which confirmed a growth in net debt to £455.5million - the highest it has been since 2011 - but also showed United’s resilience amid the coronavirus pandemic.
United’s income slumped by nearly a fifth last season due to the pandemic and the absence of Champions League football.
However, in his call to investors, executive vice-chairman Ed Woodward declared: “We are pleased by the tremendous resilience the club has demonstrated through the pandemic, underpinned by the dedication of our people and the strength of our commercial business.”
