Financial News

  • 1 August 2014, 12:23

Glazers Set To Make 89m On Man United Sale

The American owners of Manchester United are expected to make almost 89m by selling a 5% stake in the football club.

The Glazer family will retain more than 80% of the Premier League side, which they bought for 790m in 2005.

It comes as Manchester United hopes to bounce back from its worst ever Premier League season, having finished seventh and failing to reach the Champions League.

But as the club will not receive any proceeds from the sale, it could lead to criticism from fans who have blamed the Glazers for large debts since their takeover.

Manchester United was floated on the New York Stock Exchange two years ago at a price of $14 (8.30) per share.

That has risen by 38% to $19.31 (11.44), valuing the club at almost $3.2bn (1.9bn).

In January, Manchester United was pushed out of the top three in a global rich list of football teams.

Deloitte based the list on revenues accrued during the 2012-13 season, which placed Real Madrid, Barcelona and Bayern Munich in the top spots.

But there is fresh optimism with the arrival of new team manager Louis van Gaal and a recent sponsorship deal with Adidas worth a record 750m over 10 years.

Malcolm Glazer died in May, leaving his wealth to his six children who have run the Glazer empire for many years.

They also own NFL team The Tampa Bay Buccaneers.

Advertisement