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Glazer puts 3 million Manchester United shares up for sale

Manchester United today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the ‘Selling Shareholder’).

London: Edward Glazer has put three million shares in Manchester United up for sale six months after his father Malcolm’s death, and stands to recoup in the region of $45million (£28.7million).

Malcolm Glazer took ownership of United in May 2005, but his death in May this year saw his children take an equal split of shares. A statement released by the Premier League club and the New York Stock Exchange — where 10 per cent of United’s shares are listed — announced the offer of “Class A Ordinary Shares”.

It means Edward Glazer, who serves as co-chairman of Tampa Bay Buccaneers and is co-president of the Glazer Family Foundation, is to receive a windfall from the sale, which could be concluded this week.

The statement read: “Manchester United today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the ‘Selling Shareholder’).

“The underwriter will have an option to purchase up to an additional 450,000 Class A Ordinary Shares from the Selling Shareholder.

“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 December 12, 2014, subject to customary closing conditions.”