Co-chairman Avram Glazer puts some of his Manchester United shares up for sale
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 $100.65million (£72.2million).
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 £455.5million following 12 months of the coronavirus pandemic.