The family of late Manchester United owner Malcolm Glazer is set to make a lot of money by selling off more shares of the Premier League club, while a club document warns that the Red Devils new deal with adidas would lose value if the club misses the Champions League in successive seasons.
The BBC is reporting that the Glazers will open up another five percent of the club on the New York Stock Exchange. The sales would net them an expected $150 million, meaning 15 percent of the club would be publicly-owned.
The family would still own over 80 percent of the club after the sale of eight million shares.
Manchester United’s US owners are set to pocket about $150m (£88.7m) by selling more of their shares in the club on the New York Stock Exchange.
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 United shares closed at $19.31 apiece.
Cue the family lambasting from England and abroad, as this news comes on the heels of a club prospectus warning against missing UEFA Champions League football in the future:
“Because of the prestige associated with participating in the European competitions, particularly the Champions League, failure to qualify for any European competition, particularly for consecutive seasons, would negatively affect our ability to attract and retain talented players and coaching staff, as well as supporters, sponsors and other commercial partners.
‘Failure to participate in the Champions League for two or more consecutive seasons would also reduce annual payments under the recently announced agreement with adidas by 30 per cent of the applicable payment for the year in which the second or other consecutive season of non-participation falls.”