Connect with us

Sportslight

Kevin Glazer to sell his 13% stake in Manchester United

Published

on

.. Chevrolet decline renewal of £450million deal

Kevin Glazer is rumoured to be selling his stake in Manchester United amid news that the club will suffer a fall in revenue for the first time in years.

Kevin is one of six Glazer siblings to own a stake in the club, having inherited their combined 90% stake after their father Malcolm, who bought the club 14 years ago, passed away.

However, recent developments relating to the club’s revenue shortcomings and the announcement that Chevrolet have declined to renew their £450million deal to be shirtfront sponsor, has left Kevin seeking to sell his stake.

According to The Sun, Kevin has transferred all his B class shares into A class stock, indicating that the Glazer sibling is looking to sell up – with A class shares available to be traded on the New York Stock Exchange.

The Glazers have endured a turbulent spell since Malcolm took control in 2005, with fans venting their frustrations of late with the owners’ apparent lack of ambition perhaps best highlighted by the continuing failings of chief executive Ed Woodward.

Fans have been quick to point the finger at the club hierarchy for their side’s poor start to the campaign, rather than blaming club legend and current manager Ole Gunner Solskjaer.

Under the Glazer’s ownership, United have spent a whopping £1billion on transfers since Sir Alex Ferguson left the club in 2013, with only a handful of those signings being considered a success.

The Glazers and Woodward sanctioned the signings of, among others, Fred for £52million, Angel Di Maria for £60million, while free transfer Alexis Sanchez was handed a £400,000-per-week deal. 

Kevin’s shares are believed to be worth approximately £270million, although any sale will not necessarily signal the end of the Glazer’s tenure at Old Trafford.

Trading rules outline that any individual or company that take control of Kevin’s shares will require specific guarantees that mean other shareholders are unable to sell their stakes for a certain period of time.

Some Glazer siblings are also rumoured to be interested in selling, while others are keen to keep hold of their shares. An approach from Saudi Arabia was disregarded in early 2019.

United are currently 12th in the Premier League, having lost 1-0 to Newcastle United in their most recent fixture before the current international break. 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Trending