The Glazer family are becoming embroiled in a dramatic family feud over their continued ownership of Manchester United, reports The Sun.
The siblings are currently split in their views with daughter Darcie, backed by brothers Edward and Kevin, keen to sell following the death of their father Malcolm. The remaining three brothers – Joel, Avram and Bryan – want to remain the majority shareholders.
£89 million share sale
This claim follows Thursday's significant offloading of shares from the Glazer's portfolio, which was believed to have generated an estimated £89 million for the siblings. It decreased their holding in Manchester United from 90 per cent to 85 per cent and further sales are expected in the weeks and months ahead.
Each of the Glazers would have pocketed £15 million from the sale, but the mass offloading saw the five per cent wiped off the total value to $18.26 a share on the New York Stock Exchange.
No interest in football
The problem, as previously stated, stems from Darcie, Edward and Kevin, who together share no interest in football. They are keen to cash in on the shares while the value is high. Manchester United have enjoyed a significant rise in share price after confirming major sponsorship deals with the likes of Adidas and Chevrolet.
An unnamed banker told The Sun: “The Glazers are smart, no question. But they have no interest in football or Manchester United.
“They waited a few weeks after Dad died. But they will keep selling shares.”
However, Joel, Avram and Bryan are keen to continue their affiliation with the Old Trafford club, hoping to guide them back to the upper echelons of football. They played a key role in the hiring of Louis van Gaal and want to to be there to see their decision the sack David Moyes vindicated.
It goes without saying that a large proportion of fans would be glad to see the back of the American family. The late Malcolm Glazer caused outrage after purchasing the club in 2005, in a move heavily leveraged by loans.
It is reported that the deal has cost Manchester United around £585 million in interest payments, bond buybacks and other debt management fees. However, it is clear the business savvy family have steered Manchester United in the right direction. They're now at the forefront of football with regards to commercial deals with record turnover threatening to challenge the likes of Real Madrid and Bayern Munich.
The Red Knights, a group made up of well-off Manchester United fans, tried to purchase the club in 2010 but failed to raise enough capital. Now the club is on the stock exchange, they are open to purchasing a controlling stake, especially if the family continue to offload shares.