Glazer family to raise $180m by cutting Manchester United stake
Published on Jul 31, 2014 6:19 AM
LONDON (REUTERS) - The Glazer family will make around US$150 million (S$187 million) by selling part of its stake in Manchester United, although the deal will leave the Americans firmly in control of the English soccer club.
The Glazers, who bought United for £790 million in 2005, are selling eight million of their shares in the club which amounts to a stake of about 5 per cent.
Once the shares are sold, the six children of the late Malcolm Glazer will still own more than 80 per cent of the club's total shareholding.
None of the proceeds will go to the club itself, a fact that is likely to annoy some fans who have long campaigned against owners they accuse of burdening United with excess levels of debt following their takeover.
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