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Manchester United’s US owners set to make $150 million selling club shares

Manchester United’s US owners are set to pocket about $150 million (£88.7 million) by selling more club shares on the New York Stock Exchange.

The club announced that the selling shareholder, Red Football LLC, the Glazer family’s vehicle for the club based in Delaware, was offering 8,000,000 of its Class A Ordinary Shares.

Manchester United will not receive any proceeds from the sale of any Class A Shares by the Selling Shareholder a statement said. The Class A Ordinary Shares are listed on the New York Stock Exchange under the symbol “MANU.”

The six children of the Glazer family, who now have control of the club after their father Malcom Glazer’s death, are selling approximately 5% of the business.

Once the shares are sold, the six children of the late Mr Glazer will still own more than 80% of the club’s total shareholding.

The Glazers, who will keep control of the club, previously sold 10% of their holding via a stock listing in 2012.

The latest share sale was announced on a day when United shares closed at $19.31 apiece.

The Glazers bought United for £790 million ($1.34 billion) in 2005.

This was posted in Bdaily's Members' News section by Clare Burnett .