Jul 31, 2014, 8:20 AM EDT
The family of late Manchester United owner Malcolm Glazer is set to make a lot of money by selling off more shares of the Premier League club, while a club document warns that the Red Devils new deal with adidas would lose value if the club misses the Champions League in successive seasons.
The BBC is reporting that the Glazers will open up another five percent of the club on the New York Stock Exchange. The sales would net them an expected $150 million, meaning 15 percent of the club would be publicly-owned.
The family would still own over 80 percent of the club after the sale of eight million shares.
Manchester United’s US owners are set to pocket about $150m (£88.7m) by selling more of their shares in the club on the New York Stock Exchange.
The deal comes two months after Malcolm Glazer died. His six grown children control the club.
The latest share sale was announced on a day when United shares closed at $19.31 apiece.
Cue the family lambasting from England and abroad, as this news comes on the heels of a club prospectus warning against missing UEFA Champions League football in the future:
“Because of the prestige associated with participating in the European competitions, particularly the Champions League, failure to qualify for any European competition, particularly for consecutive seasons, would negatively affect our ability to attract and retain talented players and coaching staff, as well as supporters, sponsors and other commercial partners.
‘Failure to participate in the Champions League for two or more consecutive seasons would also reduce annual payments under the recently announced agreement with adidas by 30 per cent of the applicable payment for the year in which the second or other consecutive season of non-participation falls.”
Jul 31, 2015, 10:59 AM EDT
Blues boss compliments Gunners, gives update on injured duo ahead of Community Shield match.
Jul 31, 2015, 9:47 AM EDT
Soaking in the atmosphere on a special night at St Mary’s, as Saints’ Europa League campaign began.
Jul 31, 2015, 8:50 AM EDT
Terry: “Regardless of what people say, you can’t take away what I have won and done in the game.”
Jul 31, 2015, 7:55 AM EDT
Gunners keep experienced duo around, as Walcott decides to stay at the Emirates.
Jul 30, 2015, 9:27 PM EDT
Louis van Gaal seems to have misplaced his club’s $90 million investment, purchased just 12 months ago.
Jul 30, 2015, 8:10 PM EDT
With three attacking signings already made this summer, Balotelli and Borini look destined to leave Liverpool before the transfer deadline.
Jul 30, 2015, 6:24 PM EDT
Julian Green will be playing in the fourth division of German football to begin the 2015-16 season.
Jul 30, 2015, 5:05 PM EDT
The terms and conditions of building a stadium next to Marlins Park couldn’t be any less favorable to the prospective MLS franchise.
Jul 30, 2015, 4:02 PM EDT
CONCACAF’s refereeing department could be in line for something of an overhaul in the coming months and years.
Jul 30, 2015, 3:00 PM EDT
Back in the Premier League after a season away, can the Canaries stay up and solidify their place among England’s elite?
Jul 30, 2015, 2:00 PM EDT
Following Tottenham’s 2-1 loss to the MLS All-Stars, Mauricio Pochettino said he is unsure as to where Yedlin will be playing next season.
Jul 30, 2015, 1:05 PM EDT
Zlatan’s contract with Paris Saint-Germain expires next season, but he won’t let anyone know his plans for the future.
Jul 30, 2015, 12:10 PM EDT
Last season was a complete disaster for Newcastle. Can Steve McClaren turn things around for the Magpies?
Jul 30, 2015, 11:02 AM EDT
Liverpool could lose two strikers, while Mario Gomez is on his way to Besiktas.
Jul 30, 2015, 10:06 AM EDT
The South Korean billionaire is looking to become the new president of FIFA, and he had some choice words for his rivals.
Jul 30, 2015, 9:10 AM EDT
Heading into Louis van Gaal’s second season at Old Trafford, trophies are on the minds of everyone in Manchester.
Jul 30, 2015, 8:15 AM EDT
The defender had been heavily linked with a move to Manchester United, but it looks like he’ll be staying at Madrid.
Jul 29, 2015, 11:15 PM EDT
Kaka and David Villa scored for the All Stars, which built on last year’s 2-1 win against Bayern Munich.
Jul 29, 2015, 11:09 PM EDT
Halftime substitutions including Andreas Pereira gave some life to United, but the Red Devils still couldn’t find the back of the net.
Jul 29, 2015, 11:01 PM EDT
The 86th minute tally came moments after FCKC had drawn level at 2-2.
- Jose Mourinho issues Chelsea injury update; believes Arsenal can win Premier League 0
- After 12-year absence, Southampton wholeheartedly embrace European return 1
- Theo Walcott signs lucrative four-year contract at Arsenal; Cazorla extends 0
- Thursday’s Transfer Rumor Roundup: Lambert to West Brom, Balotelli back to Italy 3
- Premier League 2015-16 season preview: Manchester United 6
- MLS All Stars 2-1 Tottenham Hotspur: Kaka powers MLS to win 6