Manchester United's co-chairman Avram Glazer has put £70 million worth of shares up for sale in the club.
It was announced by the Premier League side that the 'offering of 5,000,000 of its Class A Ordinary Shares by the Avram Irrevocable Exempt Trust', following the their tie with AC Milan in the Europa League.
The offering is expected to close on Tuesday and at the current New York Stock Exchange valuation of US$20.13 (£14.44) per share, it would mean that Glazer is set to retrieve $US100.65 million (£72.2 million).
"Manchester United will not receive any proceeds from the sale of the Class A shares, which have a tenth of the voting rights of Class B shares," the club confirmed.
Upon selling, Avram Glazer's personal stake would reduce to 10.2 per cent and reduce the overall Glazer family ownership from 78 per cent to 74.9 per cent.
The Glazer Family completed their purchase of the club in 2005 and only last week did United reveal their debt had risen to £455.5 million following the coronavirus pandemics impact on the sport.
Author: Jake Wilkin