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Club gets none of proceeds

Glazer pockets £28m from United share sale

Man UtdManchester United co-owner Edward Glazer is selling shares worth $44.5 million (£28.4 million).

He is offloading 3 million of his 3.45 million ‘A’ shares in the club and will retain the ‘B’ shares which give the family control.

Following the sale, the Glazer family will own around 80% of the club and about 95% of the voting rights.

His decision follows the death in May of Malcolm Glazer, the US businessman who led the controverial takeover of the club in 2005. Ownership was shared equally among his six children.

In a statement issued to the New York Stock Exchange during the second half of last night’s match against Southampton, the club said: “Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by [Glazer].

“The offering is expected to close on December 12, 2014, subject to customary closing conditions.”

Four months ago the Glazer family – United’s majority shareholders – announced they would sell 8m shares, approximately 5% of the club.

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