Manchester United owners to sell less than two per cent of club shares for £56.04million on New York Stock Exchange
The Glazer family — who bought the Old Trafford club for £790million in 2005 — are set for a bumper pay day with the deal to be completed by Tuesday
MANCHESTER UNITED'S owners are set to flog less than two per cent of shares in the club — but still earn £56.04million.
The Glazer family are making the deal on the New York Stock Exhange and is expected to be completed next Tuesday.
And that will mean the ratio of shares floated on the US market would be just above 20 per cent.
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United will not receive any proceeds from the sale of the shares which have limited voting rights.
Based on Wednesday's share prices, one is worth £13.19.
American billionaires the Glazers bought United in a £790million deal back in 2005 with the family selling ten per cent via a stock listing in 2012.
The Sunday Times were reporting that a mystery Chinese buyer was interested in purchasing a stake in the Premier League giants.
Negotiators claiming to act for a billionaire Asian investor have contacted some of United’s independent shareholders in recent weeks.
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Their mission was to persuade shareholders to hand over, say, an eight per cent holding in the Premier League giants.
There have been persistent rumours that some members of the Glazer family – who control some 80 per cent of the club – are ready to relinquish a big chunk of shares.
In any event, there is little chance that they will sell up lock, stock and barrel.
Especially as United is considered a trophy asset by Joel and Azram Glazer, who are co-chairmen.
Bryan Glazer is said to want to keep his stake, but Edward, Kevin and Darcie Glazer might be interested in stepping down.
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