Manchester United's co-chairman is set to make about £71.5m by selling off a portion of his shares in the Old Trafford club.
Avram Glazer's move will see the Glazer family’s combined ownership of United decrease from 78% to 75% if the full, available amount of his five million class A shares are snapped up.
The deadline for the sale has been set for Tuesday, March 16.
In a statement, the Premier League club confirmed that they will not receive any proceeds from the sale.
Class A shares hold a tenth of the voting power of class B shares, which are almost all owned by the Glazer family who acquired the club in 2005.
If the available five million shares are sold Avram Glazer's individual stake will drop to around 10%.
He is co-chairman on the club’s board alongside his brother Joel, while siblings Kevin, Bryan, Darcie and Edward are directors.
When the New York Stock Exchange closed on Thursday, United's the shares were priced at £14.39 each.
The move comes a week after the club revealed that their revenue and profits fell during the first half of their financial year as the effects of the Covid-19 restrictions on the Premier League continued to bite.
For the six months to the end of 2020, United recorded a total revenue of £281.8m, down 7.2% from £303.8m during the same period in 2019.
The club's commercial revenue dropped 19% from £151.m to £122.3m while matchday earnings slumped 94.2% from £55.2m to £3.2m as fans continued to be barred from attending home games because of Covid-19 restrictions.
Broadcast revenue however jumped more than 60% from £97.6m to £156.3m over the same period.
