Man Utd announce co-owner Avram Glazer to sell £71.5m worth of shares… but club will not see ANY of the money
MANCHESTER UNITED co-owner Avram Glazer is to sell £71.5million worth of shares in the club.
But the Red Devils will not see ANY of the money.
Avram, 60, along with his five siblings, own 78 per cent of the Premier League giants.
But after flogging five million of his shares, Avram's sales will see this number drop to around 74.9 per cent.
The shares have been listed on the New York Stock Exchange under the name 'MANU'.
And at close of play on Thursday, each individual share was priced at £14.39.
Despite this, The Times report that the Glazer family remain 'committed' to owning Man United for the 'foreseeable' future.
None of Avram's siblings, including his co-chairman Joel, are planning on selling any of their shares.
And the New Yorker himself isn't expected to sell any more beyond the current shares listed on the NYSE.
The Glazers bought Man United in 2005, and were initially led by the siblings' father Malcolm.
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But since his death in 2014, Avram and Joel have been co-chairmen.
Their ownership has been the subject of significant protests by a number of Red Devils fans.
Last week, the club took out a £60m loan as they battle the effects of the coronavirus pandemic.
And while well-placed compared to other clubs to guard against the huge financial implications of Covid-19, United are believed to have lost out on more than £100m.
Old Trafford matchday income has unsurprisingly taken a huge 94.2 per cent hit over the last 12 months – from £55.2m to just £3.2m.
And despite Ole Gunnar Solskjaer having guided the club back to the Champions League group stage, United's revenue dropped by 7.2 per cent to £281.8m, while profit also fell 6.9 per cent to £33.8m.
Debt has also risen again at Old Trafford, up 16.4 per cent to £455.5m.
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