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Man Utd co-chairman Avram Glazer puts £70m worth of shares in the club up for sale

Avram Glazer's personal share in club would reduce to 10.2 per cent and Glazers' overall ownership would go down to just below 75 per cent if the shares are sold; Manchester United recently announced a 16 per cent rise in debts over the last year due to the coronavirus pandemic

Avram Glazer
Image: Avram Glazer has put some of his personal financial stake in Manchester United up for sale

Manchester United co-chairman Avram Glazer has put shares worth more than £70m up for sale.

The club announced "the offering of 5,000,000 of its Class A Ordinary Shares by the Avram Glazer Irrevocable Exempt Trust", following Thursday's Europa League draw with AC Milan.

The offering is expected to close on Tuesday and the current New York Stock Exchange valuation of $20.13 (£14.44) per share would mean he is in line to rake in $100.65m (£72.2m).

The club confirmed: "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."

Ed Woodward
Image: United executive vice-chairman Ed Woodward has said the last 12 months have been challenging financially for the club

Avram Glazer's personal stake would reduce to 10.2 per cent if they are sold, reducing the Glazer family's ownership from 78 per cent to 74.9 per cent.

The owners completed their leveraged buyout in 2005 and United last week revealed debt was up 16 per cent to £455.5m following 12 months of the coronavirus pandemic.

Earlier in March, United's executive vice-chairman Ed Woodward said the club was making clear signs of progress under Ole Gunnar Solskjaer after the club's latest financial results were released.

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Woodward said it has been an "extraordinarily challenging 12 months for football and society as a whole" due to the coronavirus pandemic, but insisted he felt optimistic about the club's prospects going forward because of the "rapid rollout of vaccines in the UK".

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