Manchester United owners, the Glazer family, are expected to give up a chunk of their shares of the club. About 9.5 million Class A Ordinary shares of the club will be listed publicly by Edwin and Kevin Glazer. However, the family will retain 69% of the total shares of the club.
Co-chairman Avram Glazer sold £70 million worth of shares of Manchester United earlier this year. His family members are now set to follow suit, with their total shares being priced at double the amount Avram sold his shares for, at £140 million.
The club have stated very clearly that they will not receive any proceeds from the sale of the shares. The Class A shares that have been listed have 10 times less voting power than Class B, and are also less valuable than the other kind.
As a result, even though the Glazers are going to make a decent profit by selling these shares, they will also retain control over the club since they own the majority shares. Moreover, they will also be able to influence the decisions of the club in close capacity. None of the money collected will be invested into the club for its development or otherwise.
Avram and Joel Glazer are the co-chairmen of the club and are the most closely involved with the operations of the club. Kevin and Edward, on the other hand, are two of the lesser known members of the Manchester United owning family.
