Three million Manchester United shares up for sale

Three million Manchester United shares up for sale

Three million shares of English football club Manchester United have been put for sale, six months after owner Malcolm Glazers's death.

Glazer took ownership of United in May 2005, but his death in May this year saw his six children take an equal split of shares, reports Xinhua.

Edward Glazer who is selling the shares is expected to gain close to $45 million.
Investors have been given until Dec 12 to purchase shares.

According to the Guardian, a statement released by the Barclays Premier League club and the New York Stock Exchange - where 10 percent of United's shares are listed - announced the offer of "Class A Ordinary Shares".

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 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. The offering is expected to close Dec 12, 2014, subject to customary closing conditions."

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