Man Utd set to pocket 88.7m pounds by selling more shares on New York Stock Exchange

Published July 31st, 2014 - 06:57 GMT
Manchester United squad
Manchester United squad

Manchester United's U.S. owners are set to pocket about 88.7 million pounds by selling more of their shares in the club on the New York Stock Exchange.

According to the BBC, the Glazer family, which owns the English Premier League club, is selling eight million shares, or about five per cent of the business.

The Glazers, who will keep control of the club, previously sold 10 per cent of their holding via a stock listing in 2012.

The deal comes two months after Malcolm Glazer died. His six grown children control the club.

The latest share sale was announced on a day when Manchester United shares closed at 19.31 dollars apiece.

The Glazers bought United for 790 million pounds in 2005.

Once the shares are sold, the six children of the late Mr. Glazer will still own more than 80 per cent of the club's total shareholding. (ANI)

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