Manchester United have announced that co-chairman Avram Glazer has put a portion of his shares in the club up for sale.
The United chief could receive roughly £71million after he put five million of his shares in United up for sale late on Thursday night.
A deadline of Tuesday has been put on the sale of the shares, which were valued at $20.13 each (£14.39) when the New York Stock Market closed yesterday.
Glazer, 60, has no guarantees of selling the shares – but if he were to be successful then the estimated sale worth would be $100.65 million (£71.5 million) based on the latest stock figures.
A successful sale would see Avram’s personal stake in the club reduce down to 10.2% while the family’s as a whole would drop from 78% to 74.9%
The news comes a week after the club announced their second-quarter financial results, which saw their net debt grow to £455.5 million.
It is an increase of £64.2 million compared to last year’s results although much of that can be attributed to the ongoing lack of matchday revenues.
“Manchester United plc (“Manchester United”) today announced the offering of 5,000,000 of its Class A Ordinary Shares by the Avram Glazer Irrevocable Exempt Trust (the “Selling Shareholder”),” a club statement read on Thursday night.
“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 March 16, 2021, subject to customary closing conditions. The Class A Ordinary Shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “MANU.”