Manchester United have confirmed that Kevin and Edward Glazer have sold 9.5m shares in the club this month.
The club’s latest filling to the Securities and Exchange Commission in the US reveals that Kevin Glazer has sold 5 million and Edward Glazer has offered 4.5 million to BofA Securities.
These shares were sold at a price of $16.98 per share, so the two Glazer siblings are set to pocket a grand total of $161,310,000 which the Manchester Evening News claims to be worth £117 million.
United will see none of this money, as many as you would expect, as the Glazers continue to drain what they see as their cash cow.
The filing in question reads: “On October 5, 2021, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust (together, the “Selling Shareholders”) agreed to sell 5,000,000 and 4,500,000 Class A ordinary shares, respectively, at a price of $16.98 per share (the “Offering”) to BofA Securities, Inc. (the “Underwriter”) pursuant to the terms and conditions of the underwriting agreement (the “Underwriting Agreement”) entered into between the Issuer, the Selling Shareholders and the Underwriter.
“The sale was consummated on October 8, 2021. In connection with the sale, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust converted 5,000,000 and 4,500,000 Class B ordinary shares of the Issuer, respectively, into a corresponding number of Class A ordinary shares.”
On October 5, the shares had been put up for sale on the New York Stock Exchange.
United released the following statement, as per Business Wire: “Manchester United plc (“Manchester United”) today announced the offering of 9,500,000 of its Class A Ordinary Shares by the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust (the “Selling Shareholders”).
“Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholders. The offering is expected to close on October 8, 2021, subject to customary closing conditions. The Class A Ordinary Shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “MANU.”
As far as the Glazer’s total combined ownership of the club, it is understood that the American family own 69 per cent of Manchester United.