Manchester United's Three Million Shares Up for Sale
In a statement by the club, Edward Glazer - son of owner Malcolm who passed away recently -
A son of Malcolm Glazer, the Manchester United owner who died in May, is selling three million shares in the club.
Glazer's six children took an equal split of the shares after his death.
In a statement by the club on Tuesday, Edward Glazer says he will sell 3 million "Class A Ordinary Shares," with the offer ending on Friday.
Edward Glazer, a co-president of the Glazer Family Foundation, stands to recoup about $45 million, and none of the proceeds will go to the club.
The statement says, "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."