Manchester United co-chairman Avram Glazer has put shares worth more than £70million up for sale.
The Old Trafford giants announced “the offering of 5,000,000 of its Class A Ordinary Shares by the Avram Glazer Irrevocable Exempt Trust” following Thursday’s Europa League draw with AC Milan.
The offering is expected to close on Tuesday and the current New York Stock Exchange valuation of 20.13 (£14.44) per share would mean he is in line to rake in 100.65m (£72.2m).
The club confirmed “Manchester United will not receive any proceeds” from the sale of the Class A shares, which have a tenth of the voting rights of Class B shares.
Avram Glazer’s personal stake would reduce to 10.2 per cent if they are sold, reducing the Glazer family’s ownership from 78 per cent to 74.9 per cent.
The owners completed their leveraged buyout in 2005 and United last week revealed debt was up 16 per cent to £455.5m following 12 months of the coronavirus pandemic.
In response to the share issue, the Manchester United Supporters’ Trust said: “On balance MUST welcomes this announcement of the sale of shares as a further small step towards a more diversified ownership model.
“Ultimately this is the Glazer family relinquishing some of its control, albeit in a relatively limited way. 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.
“We believe there is an alternative model that would allow fans to buy shares in a way that would benefit Manchester United and, in the long term, give supporters genuine influence. That requires a recognition of the special status of fan shareholders.
“In order to optimise the appeal to fans and maximise their participation in future share ownership we believe parity of voting rights, along with a direct benefit for the club by generating new funds to strengthen Manchester United both on and off the pitch, are key elements which need consideration.
“MUST will continue to campaign and engage with the aim of achieving this goal.”