Manchester United have announced that co-chairman Avram Glazer stands to make approximately £71.5m by selling a portion of his shares in the Old Trafford club.
The Glazer family’s combined ownership of United will drop from 78 per cent to 75 per cent if the full, available amount of Avram’s five million class A shares are bought up.
The price of United’s shares on the New York Stock Exchange closed at £14.39 each, its highest point since January 2020. A deadline of next Tuesday has been set for the sale.
United confirmed in a statement that the club will not receive any proceeds from the sale of the class A shares, which hold a tenth of the voting power of class B shares.
United’s class B shares are almost entirely owned by the Glazer family. Avram’s individual stake will drop to around 10 per cent if the available five million shares are sold.
Avram is joined as co-chairman on the club’s board by his brother Joel, while siblings Kevin, Bryan, Darcie and Edward are directors.
The Glazer family’s controversial leveraged takeover of United in 2005 divided the club’s fanbase, leading to the formation of breakaway non-league outfit FC United of Manchester.