New York-listed Manchester United plc has announced that co-chairman Avram Glazer plans to sell five million Class A shares in a stake sale that could be worth up to $100 million.

Manchester United shares closed at $20.13 on Thursday — but were down 9% at around $18.25 on Friday afternoon..

Manchester United will not receive any proceeds from the sale.

The company has a stock market value of around $3 billion and recently reported that its net debt as of December 31 was £455.5 million.

“Manchester United plc today announced the offering of 5,000,000 of its Class A Ordinary Shares by the Avram Glazer Irrevocable Exempt Trust,” said the company.

“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 March 16, 2021, subject to customary closing conditions.”

The sole underwriter for the sale is J.P. Morgan.

Reuters reported that after the share sale, Avram Glazer will no longer own any Class A shares in the company, reducing his total voting power to 13.39% from 16.85%, citing a filing with the US Securities and Exchange Commission.

Avram Glazer will still own more than 10% of the outstanding shares in the club following the sale but the combined ownership of the Glazers will fall to 74.9% from 78%.

The Glazers control the company via B shares that have 10 times the voting power.

Six descendants of the late Malcolm Glazer, who took over Manchester United in 2005, owned 7.75% of Class A shares in the company and all of its Class B shares, as of December 2020, the filing showed.