Manchester United confirms Glazers have sold £ 117million of shares – .

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Manchester United confirms Glazers have sold £ 117million of shares – .


Manchester United have confirmed that Kevin and Edward Glazer have sold 9.5 million club shares this month.
United’s latest report to the U.S. Securities and Exchange Commission reveals that Kevin Glazer sold 5 million shares and Edward Glazer offloaded 4.5 million to BofA Securities, a trading name used by the Bank of America.

The shares were sold for $ 16.98 per share, bringing the two Glazer siblings a total of $ 161,310,000. At current exchange rates of around £ 117million.

The SEC filing reads: “On October 5, 2021, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust (together, the ‘Selling Shareholders’) agreed to sell 5,000,000 and 4,500,000 Class A common shares, respectively, at a price of $ 16.98 per share (the “Offer”) to BofA Securities, Inc. (the “Underwriter”) in accordance with the terms and conditions of the Purchase Agreement (the “Underwriting Agreement”) entered into between the Issuer, the selling shareholders and the underwriter.

“The sale closed on October 8, 2021. As part of the sale, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust have converted 5,000,000 and 4,500,000 Class B common shares of the ‘Issuer, respectively, in a number of class A ordinary shares. “

United confirmed to the New York Stock Exchange on Tuesday (October 5) that the shares had been put up for sale.

The statement read: “Manchester United plc (‘Manchester United’) today announced the offering of 9,500,000 of its Class A common shares by the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust (the “selling shareholders”).

“Manchester United will not receive any proceeds from the sale of Class A common shares by selling shareholders. The offering is expected to close on October 8, 2021, subject to customary closing conditions. The Class A common shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “MANU”.

This latest sale represents about eight percent of the club’s combined total Glazer family ownership, which now stands at 69 percent.

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