Edward Glazer is selling off more of his ownership.
Manchester United are set to continue their huge amounts of spending in the transfer market as it’s announced part-owner Edward Glazer is to sell £3m worth of his shares, reports BBC Sport.
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A sale prospectus from the club states that they ‘anticipate a higher level of net player capital expenditure’ as the sale of the shares is expected to be concluded by the end of this week.
Edward Glazer inherited an equal share of United along with his five siblings when his father Malcolm Glazer died in May of this year.
The sale roughly equates to 2% of the overall value of the club and will see the Glazers’ ownership of the Red Devils drop to around 80%.
Anti-takeover measures in place at Old Trafford means the shares cannot be sold to potential new owners, even if that would be the most beneficial outcome to the current shareholders – who may not receive dividends either.
The value of the shares could also drop if the 13-time Premier League champions fail to qualify for Europe again this season, which is why so much investment on new talent has been pledged.
New manager Louis van Gaal spent almost £150m on the summer, which included paying a British record £59.7m to Real Madrid for the services of Angel di Maria.
This latest prospectus also suggests new contracts could be given to current players – “[Cash may go] to retain talent and enhance the calibre of our team in the near term”.