A scion of Malcolm Glazer is putting at least 3 million ManU shares on the market, in a sale that "should make him more" than $50M, according to Roger Blitz of the FINANCIAL TIMES. The Glazer family’s shareholding in the English football club is "split equally between the six children" of the late Glazer, who died in May at the age of 86. The club said Edward S. Glazer was making available 3 million Class A shares in an offering that will close on Dec. 12. A "further 450,000 Class A shares will be made available depending on demand," the statement added. ManU shares closed in N.Y. on Monday evening at $16.43. But the Class A shares "carry only a fraction of the voting rights attached to the Class B shares." The stake sale represents about 15% of Edward Glazer’s total holding in ManU. As a result of the planned disposal, the Glazer siblings’ collective holding in the club will come down from 83% to about 80% (FT, 12/9). The PA reported the club statement read: "Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholder. The offering is expected to close on December 12, 2014, subject to customary closing conditions" (PA, 12/8). The BBC’s Mike Keegan wrote ManU has confirmed it is set to continue its "spending spree." After a '13-14 season in which "United failed to qualify for the Champions League," new Manager Louis van Gaal spent £150M ($235M) on new players in the summer, including a British record £59.7M to bring Angel Di Maria from Real Madrid. On Friday, the Dutchman "reacted angrily to reports he will once again spend heavily," describing them as "disgusting" and "disrespectful". However, the "prospectus says United expect 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, 12/9).
