The Glazers put another 9.5MILLION shares in Manchester United up for sale on the New York Stock Exchange – worth £137m – just months after Avram Glazer pocketed £70m from another sale… but the club will not see a single penny of it
- Man United’s owners have put more shares on the New York Stock Exchange
- The Glazers have endured a fractious relationship with the Red Devils fanbase
- Tensions boiled over last April due to the European Super League disaster
- The Americans’ collected shares will be reduced to a 69 per cent total
- Utd will not receive any proceeds and the Glazers reportedly remain committed
The Glazers have put another 9.5million shares in Manchester United on the New York Stock Exchange – worth US$186.86m (£137.12m) – although a statement makes clear that the club ‘will not receive any proceeds from the sale’.
United supporters have endured a tumultuous relationship with their American owners since their 2005 takeover of the club, with frustrations reaching a boiling point five months ago with the formation of the European Super League.
Co-chairman Joel Glazer was at the heart of the disastrous plot to shake up the football landscape which triggered huge backlash from fans, ex-players and Prime Minister Boris Johnson.
The Glazers have put 9.5million shares in Manchester United on the New York Stock Exchange
The Americans have long been unpopular with supporters and tempers spilled over in April following the club’s botched attempt to form a European Super League
The Red Devils’ Premier League game against arch rivals Liverpool was postponed last April due to fan protests, with a number of supporters breaking into Old Trafford before the behind-closed-doors fixture.
And on Tuesday night, United notified the New York Stock Exchange of the sale in the names of club directors Kevin Glazer and Edward Glazer.
Last March, Avram Glazer sold £70m worth of shares in the club. On that occasion, United did not receive a penny from the sale either. This latest sale of shares represents eight per cent of the family’s total combined ownership of the club.
United supporters stormed Old Trafford, leading to their Liverpool game being postponed
Despite putting another large number of shares on the market – valued at approximately £14.43 per share – the Glazers still retain a combined 69 per cent of shares in United and the BBC reports that the unpopular Americans remain committed to the Red Devils.
Due to the large volume of shares being sold, it is believed that the Glazers will not pocket the Stock Market’s value of £137.12m for the 9.5m shares and will expect a lower total.
The Glazers have sought to make amends with United fans following the European Super League debacle. Joel Glazer has since twice attended Fans Forums and has pledged to implement a supporter share scheme.
The New York Stock Exchange were notified of the sale by United on Tuesday evening
The sale was put under the names of club directors Kevin Glazer (pictured) and Edward Glazer
He said the scheme was ‘rather complex’ and that the club would ‘jump those hurdles’ in a bid to bring fans closer to the club.
‘I was pleased to join the Fans’ Forum to listen to the views of supporters, address their questions, and share ideas on how we can improve the way we work together,’ Glazer said following his first meeting with supporters.
‘As owners, we want exactly the same thing as the fans – a successful team and a strong club – and we want to work in partnership to achieve those objectives.
‘Fans are the lifeblood of Manchester United and I am personally committed to ensuring that they are given an enhanced voice, through the creation of a Fan Advisory Board and a Fan Share Scheme.’
United also spent heavily in the summer transfer window to bolster Ole Gunnar Solskjaer’s squad for the 2021-22 campaign. A combined total of £135.3m was spent on Jadon Sancho, Raphael Varane and Cristiano Ronaldo, the latter’s return providing a shot in the arm for the club’s fanbase.
The Americans have sought to make amends and backed Ole Gunnar Solskjaer this summer
Cristiano Ronaldo’s return provided a shot in the arm and the club spent £135.3million
However, United have made a mixed start to the season with lacklustre displays against Aston Villa, Everton and Young Boys frustrating supporters, with patience in Ole Gunnar Solskjaer running thin.
The Norwegian was rewarded with a new contract this summer, running until 2024, while Sportsmail revealed on Monday that assistant manager, Mike Phelan, had been handed a contract extension in a major vote of confidence in the United boss.
Avram and Joel have been co-chairman since the death of their father Malcolm in 2014. Earlier this summer, the club’s overall revenue only dropped by four per cent despite the ongoing effects of the coronavirus pandemic.