Manchester United owners the Glazer family have cashed in another chunk of their shareholding in the Premier League giants. Directors Kevin and Edward Glazer announced they are to sell 9.5million shares with a value of £137.12m. It follows on from co-chairman Avram Glazer dispersing £70m worth of shares back in March.
Despite the latest check out by the brothers the family’s iron grip on the £3.4billion club remains intact with the combined holding still at 69 per cent.
The sale, none of the proceeds of which will go to the club, adds to a growing total of £450million taken in share dispersals since flotation on the New York Stock Exchange in 2012.
The latest shares, which have been sold to a single underwriter, will be available for United fans to trade. But, as Class A shares, have 1/10th of the voting rights of Class B shares.
The club’s Florida-based owners have attempted to reach out to fans since the club’s fixture with Liverpool was called off when the Old Trafford pitch was stormed back by supporters in May.
Resulting talks led to a greater role for a Fans Forum and the creation of a fans’ share scheme.
Club sources insisted they expect progress and an announcement regarding the latter “in the not too distant future”.
The scheme is expected to deliver shares with greater voting rights than the Class A shares which will go on sale following the latest sell-off.
The club also stressed that, despite the sale, the Glazer family remain committed to United.
They also remain committed to Ole Gunnar Solskjaer’s leadership as evidenced by the way he has been backed with transfers in the summer.
Executive vice-chairman Ed Woodward said in a recent statement in mid-September: “We said during the depths of the pandemic that the club would emerge in a stronger relative position, and I believe we are now seeing that borne out as we build towards recovery from a very solid foundation.
“The most important part of this recovery is the return of fans to Old Trafford and it has been fantastic to see and hear the stadium full for the first time in almost 18 months.
“The amazing atmosphere during the opening home games of the season demonstrates that fans are the lifeblood of the game, and we’re so glad to have them back.
“We significantly strengthened the squad over the summer, with the addition of Cristiano Ronaldo, Raphael Varane, Jadon Sancho and Tom Heaton.
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“These signings have demonstrated our continued ability to attract some of the world’s best footballers to Old Trafford, and our firm commitment to helping Ole deliver success on the pitch.
“We have been clear in our strategy to build a squad with a blend of top-class recruits and homegrown talent, comprising a balance of youth and experience, with the aim of winning trophies and playing attacking football the Manchester United way.
“As part of this, we have continued to strengthen our recruitment and scouting processes, and we have also increased our investment in the Academy, to ensure that this success is sustainable.
“While squad-building is a constant process, we are more confident than ever that we are on the right track.”