The news broke late on Tuesday night that both Kevin and Edward Glazer are cashing in shares worth a value of $186.86m (£137.12m) at the close of play in New York on Tuesday, according to Business Wire, with the family still holding the vast majority of the club despite the sale.
The Glazers have come under a lot of scrutiny by United fans, and the decision to try and join the European Super League only escalated proceedings and the latest news will likely further anger the club’s supporters.
Even with Edward and Kevin bowing out, the Glazers are still very much involved at United.
( Image: Action Images via Reuters)
The shares offered by the two Glazer’s represent 8% of the family’s total combined ownership at United, but they will still hold 69% even after the sale of the 9.5m shares.
It’s also clear that United will not receive any proceeds from the sale, and sources close to the Glazer family say that they remain committed to the club despite lowering their share.
Last month Joel Glazer said that implementing a fans share scheme was ‘rather complex’ but hoped to bring it to conclusion ‘in the not too distant future’, before the shares were listed on the New York Stock Exchange (NYSE) under the symbol ‘MANU’.
However, the United shareholder previously promised back in May: “As one of the few European football clubs listed on the public markets, we believe in the principle of fans owning shares in the club.
“We have previously engaged with the Manchester United Supporters’ Trust on fan share ownership and we want to continue and accelerate those discussions, together with provisions to enhance associated fan consultation.
“We recognise that the government-initiated, fan-led review of football is a positive opportunity to explore new structures for fan engagement and influence. I can assure you that we will willingly and openly engage in the review.”
The Glazers seemed to get some of the outraged United fans back on board after these comments following the Super League nightmare, and they also appeased fans by signing Jadon Sancho and Raphael Varane, before announcing the return of Cristiano Ronaldo on Deadline Day.