One of Manchester United's owners is set to make a close to £25.5million windfall by selling as many as 3,000,000 of his shares in the Old Trafford club that are on the New York Stock Exchange.
Edward Glazer inherited the shares from his father Malcolm Glazer, who was Manchester United owner up to his death in May 2014, upon which his shares in the club were split equally between his six children.
Only ten per cent of the club is floated on the New York Stock Exchange and just over half a year after his father's death Edward Glazer has decided to put a portion of his shares up for sale; some 3,000,000 in total and, according to The Guardian, potential buyers have until December 12 to snap them up.
The sale is expected to make close to £25.5million in profit for Edward Glazer, but Manchester United manager Louis van Gaal will to be seeing any of the money for a January transfer window spending spree, which the club confirmed in a statement.
“Manchester United plc today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the ‘Selling Shareholder’)," read the statement.
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“The underwriter will have an option to purchase up to an additional 450,000 Class A Ordinary Shares from the Selling Shareholder.
“Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholder. The offering is expected to close on December 12, 2014, subject to customary closing conditions.”
Malcolm Glazer took ownership of Manchester United in 2005 with a £790million leveraged buyout, which meant the buyers basically used the club itself to secure the finance to buy the club. In 2012 it was revealed that nearly £500million had gone out of to pay off the debt, money that could have been reinvested.
The takeover was very unpopular amongst a number of fan groups, with anger mainly being about a club and company being in rude health and having plenty of cash in the bank to invest in the future being laden with serious debt.
Despite all the money being taken out of the club, Manchester United have still had plenty of success since the Glazer's took over. Sir Alex Ferguson guided the club to ten major trophies in the eight years since the Glazer takeover; five Premier League titles, three League Cups, one Champions League and a FIFA Club World Cup.
The death of Malcolm Glazer brought some uncertainty to fans of the club, as there were questions over whether his children would want to carry on owning the club.
While there has been no suggestion that the Glazers are looking to sell the club, this latest £25.5million share sale could suggest that not all of Manchester United's six owners are ready to remain in charge at Old Trafford.