Avram Glazer puts £70m worth of Man Utd shares up for sale

The United co-chairman could receive roughly £71million after he put five million of his shares in United up for sale late on Thursday night.

An array of reports, including this one from the Telegraph, note that Avram Glazer is selling five million shares in the club which will net around $100m, which is a mere valuation amounting to approximately £70m based on the latest stock figures.

It is understood the family has no plans to relinquish its control. 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%.

A deadline of 16th March has been set for the sale of the Class A ordinary shares, which at time of writing are valued by the New York Stock Exchange at US$20.12 apiece.

“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,” United said in a statement posted on the New York Stock Exchange.

According to The Times, the Glazers do not plan to sell any further shares and remain committed to running United. The US-based Glazer family acquired the 13-time Premier League champions in 2005 for UK£790 million (US$1.09 billion) through a leveraged buyout, but have faced ongoing criticism from fans over their running of the club.

In terms of the club’s finances, United announced last week in their latest set of financial results that they had seen their net debt grow to £455.5m ($633m), an increase of £64.2m ($89m) compared to last year’s results.

On the pitch, United are second in the Premier League, albeit 14 points behind rivals Manchester City. The Red Devils next face West Ham United at home on 14th March before travelling to Italy to face AC Milan in the second leg of their last 16 Uefa Europa League tie.

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