Buccaneers co-Chair Edward Glazer is "selling most of his holdings" in EPL club Manchester United, according to Margie Manning of the TAMPA BAY BUSINESS JOURNAL. Glazer, who currently controls about 8.7% of ManU's common stock, "plans to sell 3 million of the Class A shares" valued at US$49.3M. The shares are "held by a trust of which he is sole trustee." The underwriter of the offering, N.Y.-based global investment bank Jefferies LLC, "has an option to buy the remaining 450,000 Class A shares Glazer owns" (BIZJOURNALS.com, 12/9). In London, Russell Lynch notes the sale "comes six months after the death" of his father Malcolm Glazer. Ownership was "split equally among Malcolm’s six children after his death." Edward "will retain the all-important ‘B’ shares which give the family control" (London EVENING STANDARD, 12/9).
SPENDING SPREE: The BBC's Mike Keegan reports ManU is "set to continue their spending spree" despite Glazer putting his shares up for sale. In a sale prospectus, the club ownership said they "anticipate a higher level of net player capital expenditure." ManU manager Louis van Gaal on Friday "reacted angrily to reports he will once again spend heavily, describing them as 'disgusting' and 'disrespectful.'" However, the prospectus said that the club expects money "will be spent and hints at contract extensions for existing players, saying cash may go 'to retain talent and enhance the calibre of our team in the near term'" (BBC.com, 12/9).
