Manchester United make statement after Glazers put another 9.5m shares up for sale

Avram Glazer, Joel Glazer Man Utd owners

Manchester United’s owners have put 9.5 million shares in the club up for sale, but United will not receive a penny of the proceeds.

The club announced the stock, worth £137.12m, would be made available via the New York Stock Exchange.

The shares listed are in the names of directors Kevin Glazer and Edward Glazer and represent around eight per cent of the owning family’s combined ownership.

However, the club will not receive any money from the sales.

An official club statement on Tuesday evening read: “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.”

The announcement comes after another of the family, Avram Glazer, sold £70m of shares in March. United did not receive anything from that sale.

The latest development comes amid continuing fall-out following the failure of the European Super League project, in which the Glazers were heavily involved, earlier this year.

United and 11 other leading European clubs threatened to break away to form their own rival competition to the Champions League.

It quickly collapsed after being hit by a wave of fan, sporting and political opposition.

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That then brought the turbulent relationship between United supporters and the Glazers, which has existed since the Americans took control in 2005, back to the fore.

And United fans forced the postponement of last season’s Old Trafford date with Liverpool.

In response the Glazers promised to engage more with supporters and said some shares would be made available to fans.


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Varane has support for Mbappe

Meanwhile, United defender Raphael Varane has spoken in support of France team-mate and PSG star Kylian Mbappe.

The 22-year-old is in the headlines at the moment for two main reasons. The first is that he has spoken publicly about his desire to leave the Parc des Princes during the summer.

When asked about Mbappe’s situation at a press conference, Varane said the France players were all ‘united’.

 

“We do not leave anyone aside, it is the commitment of the national team, our mentality and our philosophy. And that will not change,” he said (via Metro).

“I think that within the group everything that happened after the game against Switzerland is quite clear.

We are all united, both when things are going well and when things are not going well.”

Varane was also quizzed about Mbappe’s next destination, although he was less open about this topic.

“It is [Mbappe] who decides,” he added. “He has the maturity to choose with his close circle. He has his head on his shoulders, he knows what he wants. It is not my role to advise him.”

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