Manchester United have announced that £89m worth of shares are to be sold on New York Stock Exchange.
The £89m is equivalent to 5% of the club and alongside the original 10% that was sold in the Initial Public Offering when the club was floated on the stock market, it means the Glazers will remain in total control of the club with over 80% of the shares.
Once more, the “Class A” shares that will be distributed carry very little power in terms of influence at United because 10 Class A shares are equivalent to one Class B share and the only shares that the Glazers have sold are A shares. The power will very much remain with the Glazers.
Given that the Glazers have never invested a penny of their own cash into the club before, it’s unlikely they will start now with this second share offering but the timing of the announcement is impeccable.
With Ed Woodward happy to boast about United’s funds and the Glazers happy to show they can take cash out of it, United really don’t have an excuse not to invest heavily this year.