The Glazer family are selling 9.5 million Class A shares in Manchester United totalling 8% of the club’s ownership, it has been confirmed by the Business Wire.
The sale will raise in excess of $160m which will be taken out by Kevin and Edward Glazer. The shares are the publicly traded Class A shares and Manchester United will receive none of that money.
Another 9.5m @ManUtd shares, value $186.86m (£137.12m) at close of play price in New York today, being sold by Kevin + Edward Glazer. Sale price will be less that value due to amount being sold. Represents 8% of family’s total combined ownership, although they will still hold 69%
— Simon Stone (@sistoney67) October 5, 2021
While these Class A shares (1 vote per share) are not the Class B shares (10 votes per share) and the Glazers have therefore not reduced their power hold on Man United, it does reduce their overall ownership down to 69%.
Of course, that is still an overwhelming majority but this has to be considered a significant moment for United fans.
The Glazers are selling nearly 10% of the publicly available shares in United, allowing another investor to purchase these. In September, Ariel Investments increased their stake in United to more than 5% after purchasing more than $100m Class A shares on the New York Stock Exchange. Again, these aren’t the Class B shares with real voting rights but there has been significant movement in the public ownership of United in the last two months.
What this shows United fans is that the Glazers have at least one eye on cashing out of United at the right time and for all of us that want the Glazers out, this has to be considered momentum for us all to build on.
Given that Joel Glazer promised multiple things to United fans following the collapse of the European Super League which are yet to happen, including a fan share ownership program that was supposed to be in place before the season started, I hope this is all brought up – including the sale of these shares – in the upcoming fan forum meeting which Joel will be part of.