Shares of Manchester United Plc fell about 8% as the club’s owners offered to sell a stake worth about $186 million, the second disposal this year by the Florida-based Glazer family.
“Manchester United plc 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 …” said the company in a statement.
“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.”
A spokesman for the company told Bloomberg: “The sale is a personal matter for Edward and Kevin.”
Following the sale, the Glazers will hold a combined 69% stake, down from about 75%.
The move follows the family selling about $96 million worth of shares in March.