Welcome to Manchester Confidential
Reset Password
The Confidential websites will be undergoing routine updates. This may cause the sites to go offline. We apologise in advance for any inconvenience.

You are here: Manchester ConfidentialNews.

Glazers To Raise £90m Selling 8m United Shares

But don't get too excited, they'll still own more than 80%

Published on July 31st 2014.


Glazers To Raise £90m Selling 8m United Shares
 

THE GLAZER family are set to sell eight million Manchester United shares on the New York Stock Exchange.

Forbes has recently reinstated United as the world's most valuable football club, worth around £2.1bn.

The US owners of the club are expected to raise nearly £90m in the sale, which comes two months after the head of the Glazer family, Malcolm Glazer, died at the age of 85.

The eight million shares equate to around 5% of the business. Shares were listed at $14 and rose to a price of $19.31 on Wednesday.

The sale comes after United managed to secure a new £750m kit sponsorship deal with sportswear giant Adidas in July 2014, the largest ever kit sponsorship deal of its kind, according to the club.

On top of that, this season sees United partner with giant US car firm Chevrolet, netting the club a further £53m a season over the next seven seasons. Insurance company AON will also hand United £17m for the right to sponsor United's training gear.

However, a loss of UEFA Champions League revenue this upcoming season is set to cost the club around £35m.

(Click here to add text)

Forbes has recently reinstated United as the world's most valuable football club, worth around £2.1bn. Spain's Real Madrid are currently valued at £2bn, Barcelona at £1.9bn.

The Glazers bought United in 2005 for £790m, but the takeover was heavily criticized by fans for shifting debt to the club, with more being spent to clear that debt than on new talent acquisition. In total, nearly £700m has gone towards debt since their takeover, with only half of that spent on strengthening the squad.

United fans shouldn't get too excited by the sale, as the Glazer family will still own over 80% of the club after the sale.

The Glazers also own NFL's Tampa Bay Buccaneers, which Malcolm Glazer bought in 1995 for $192m.

Like what you see? Enter your email to sign up for our newsletters which are chock-a-block with more great reviews, news, deals and savings.

AnonymousAugust 4th 2014.

Meanwhile, the city is scrabbling around for £1.6m in Lottery funding to be 'City of Football'...

AnonymousAugust 4th 2014.

Are these the same people (along with Mr Wenger & England's other leading clubs) who have been "lobbying" UEFA into "restricting" the huge overseas investment we've seen in East Manchester over the past few years?

To post this comment, you need to login.Please complete your login information.
OR CREATE AN ACCOUNT HERE..
Or you can login using Facebook.

Latest Rants

Anonymous

Repeating,without any evidence the same point that socialism = public services is hardly…

 Read more
Anonymous

You absolutely right,I hate all these bloody nimbys stopping development and progress.Of course if…

 Read more
Anonymous

Manchester's size and climate isn't dissimilar to Rotterdam or Dusseldorf but the city is held back…

 Read more
Anonymous

Straying off the point again David, which is that investing in public services is socialist but as…

 Read more

Explore The Site

© Mark Garner t/a Confidential Direct 2017

Privacy | Careers | Website by: Planet Code | SEO by The eWord