Edward Glazer Puts 3 Million Manchester United Shares Up for Sale

Edward Glazer has put three million of his Manchester United shares up for sale.

He is one of six children who received an equal split of Malcolm Glazer’s shares after the club owner died in May. Edward stands to make $45 million (approximately £28.7 million) on the New York Stock Exchange, reported by the Press Association (h/t Daily Mail).

United released an official statement shortly after beating Southampton 2-1 on Monday night, per the aforementioned report:

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.

The club added they don’t stand to benefit and “will not receive any proceeds from the sale.” Duncan Drasdo of the Manchester United Supporters Club provided analysis on what exactly this means for the Red Devils:

Supporters have endured a long-running battle with the Glazer family, signified by those wearing green and gold scarves to return United to their roots. Although significant investment was made during the summer, the club is still battling to rid their £350 million arrears.

The Glazers have sunk United into debt, yet still “milked” the club to make millions. Increased ticket prices and hefty interest payments have been forced upon United since the Glazers’ takeover, despite the family offering “no explanation” when removing personal funds from the financial juggernaut. Edward’s decision to sell is perhaps testimony of this.

Via bleacherreport.com

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