Kevin and Edward Glazer offered to sell 9.5 million Manchester United shares. This amount of shares is valued at approximately $ 190 million.
The announcement of the Glazers’ stock sale comes at a tense moment. For months the club has expressed its intentions to create a fan share scheme where the club’s followers can be owners and influence decision-making.
But last month, Glazer themselves said that creating the fans share scheme was very complex; however, they would look for ways to make it happen.
At that time, a family spokesperson said: “As one of the few European football clubs listed on the public markets, we believe in the principle of fans owning shares in the club.
“We have previously engaged with the Manchester United Supporters’ Trust on fan share ownership and we want to continue and accelerate those discussions, together with provisions to enhance associated fan consultation.
“We recognize that the government-initiated, fan-led review of football is a positive opportunity to explore new structures for fan engagement and influence. I can assure you that we will willingly and openly engage in the review.”
The shares that are being offered for sale on the New York Stock Exchange represent 8% of the combined total of shares owned by the family.
The problem is that the club would not receive a single penny from the transaction, and there is no progress in the creation of the fan share scheme.
The news has not been well received by fans of the Red Devils and further the broken relationship with the club’s owners.