Glazer brothers secure £117m pay day after Manchester United shares sale

The owners of Manchester United have sold almost 10 million shares in the Premier League club, raising about £117m.

Kevin and Edward Glazer have sold 9.5 million shares, according to United’s latest filling to the Securities and Exchange Commission in the United States.

Kevin Glazer has sold 5 million shares and Edward Glazer has offloaded 4.5 million, to BofA Securities, a marketing name used by the Bank of America.

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According to the latest filling, the shares were sold at a price of $16.98 each for a total of $161.3m.

The filing to the SEC said: “On October 5, 2021, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust agreed to sell 5,000,000 and 4,500,000 Class A ordinary shares, respectively, at a price of $16.98 per share to BofA Securities, Inc. pursuant to the terms and conditions of the underwriting agreement entered into between the issuer, the selling shareholders and the underwriter.

“The sale was consummated on October 8, 2021. In connection with the sale, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust converted 5,000,000 and 4,500,000 Class B ordinary shares of the issuer, respectively, into a corresponding number of Class A ordinary shares.”

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The move comes after Manchester United confirmed to the New York Stock Exchange earlier this month that the shares had been put up for sale.

At the time, a statement said: “Manchester United 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.

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“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. The Class A Ordinary Shares are listed on the New York Stock Exchange under the symbol ‘MANU’.”

This latest sale is worth about 8% of the Glazer’s family’s total combined ownership of the club, which now stands at 69%.

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