adminLONDOn. — Edward Glazer is set to make almost £29 million after putting up for sale three million shares in Manchester United Football Club. Edward, one of Malcolm Glazer’s six children, has opted to sell the shares in the club of whom he was given an equal share of earlier in 2014. He stands to recover in the region of US$45million (£28,7 million) from the sales, which comes a little more than six months after his father’s death.
The announcement comes just months after official financial figures put the club’s debt at a whopping £362,2m.
Malcolm Glazer’s children all took an equal split of the shares in May following his death. The American first took control of the club in 2005. In a statement released by United and the New York Stock Exchange, where 10 percent of the club’s overall shares are listed, “Class A Ordinary Shares” were offered. 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 Mirror.
Online Reporter