Manchester United owners have put up shares for sale as ‘the club will not receive a penny from the sale’.
Manchester United owner Glazers have put sale worth US$186.86m (£137.12m) in the New York Stock Exchange.
According to report, it has been stated that the club ‘will not receive any proceed from the sale’.
On Tuesday night it was stated that United notified the New York Stock Exchange of the sale in the names of club directors Kevin Glazer and Edward Glazer.
Avram Glazer sold £70m worth of shares in the club last March. On that occasion, United did not receive a penny from the sale either.
This latest sale of shares represents eight per cent of the family’s total combined ownership of the club.
Despite putting another large number of shares on the market – valued at approximately £14.43 per share – the Glazers still retain a combined 69 per cent of shares in United and the BBC reports that the unpopular Americans remain committed to the Red Devils.
Due to the large volume of shares being sold, it is believed that the Glazers will not pocket the Stock Market’s value of £137.12m for the 9.5m shares and will expect a lower total.