Edward and Kelvin Glazer sold $9.5 million worth of Manchester United stock this month, according to the club. Kevin Glazer has sold 5 million shares and Edward Glazer has offered 4.5 million to BofA Securities, according to the club’s latest filing with the Securities and Exchange Commission in the United States.
The two Glazer siblings are set to pocket a total of £117 million according to the Manchester Evening News. These shares were sold at a price of $16.98 per share. Many fans believe that the team should realistically benefit from this massive inflow of cash, but this is unlikely not to be the case mainly because of the Glazers family’s continued draining of the club that has been referred to, by many, as their “cash cow.”
The filing in question reads: “On October 5, 2021, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust (together, the “Selling Shareholders”) agreed to sell 5,000,000 and 4,500,000 Class A ordinary shares, respectively, at a price of $16.98 per share (the “Offering”) to BofA Securities, Inc. (the “Underwriter”) pursuant to the terms and conditions of the underwriting agreement (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.”
The shares were reportedly put up for sale on the 5th of October on the New York stock exchange.
United released the following statement, as per Business Wire: “Manchester United plc (“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 (the “Selling Shareholders”).
“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 (the “NYSE”) under the symbol “MANU.”
According to the latest figures, the American family now owns a total of 69% of Manchester United in stocks.