Edward Glazer puts 3 mln Manchester United shares up for sale
Edward Glazer has put three million shares in Manchester United up for sale six months after his father Malcolm`s death, and stands to recoup in the region of 45million US dollars (£28.7million).
London: Edward Glazer has put three million shares in Manchester United up for sale six months after his father Malcolm`s death, and stands to recoup in the region of 45million US dollars (£28.7million).
Malcolm Glazer took ownership of United in May 2005, but his death in May this year saw his children take an equal split of shares.
A statement released by the Premier League club and the New York Stock Exchange - where 10 per cent of United`s shares are listed - announced the offer of "Class A Ordinary Shares".
It means Edward Glazer, who serves as co-chairman of Tampa Bay Buccaneers and is co-president of the Glazer Family Foundation, is to receive a windfall from the sale, which could be concluded this week.
The statement read: "Manchester United plc today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the `Selling Shareholder`).
"The underwriter will have an option to purchase up to an additional 450,000 Class A Ordinary Shares from the Selling Shareholder.
"Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholder. The offering is expected to close on December 12, 2014, subject to customary closing conditions."