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Edward Glazer has put his shares in Manchester United
up for sale (Photo: PA)
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Edward Glazer, one of Malcolm
Glazer's six children, has put three million shares in Manchester United up for
sale, little more than six months after his father's death, and stands to
recoup in the region of US$45million (£28.7million).
Press Association reports 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 Barclays
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."
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