JAKARTA - Deputy chairman of Manchester United Avram Glazer will sell shares worth more than 70 million pounds (Rp1, 4 trillion).
The club announced an offer of 5 million class A shares from the Avram Glazer Irrevocable Exempt Trust following Thursday's Europa League draw against Milan.
The Guardian revealed that the shares were sold on the New York Stock Exchange and the offer is expected to close on Tuesday.
The club also confirmed that Manchester United will not receive any proceeds from the sale of Class A shares, which hold one-tenth of the voting rights of Class B shares.
With the sale of this stake, Avram Glazer's private ownership will be reduced to 10.2 percent, reducing the Glazer family's ownership from 78 percent to 74.9 percent.
The Glazer family bought MU in 2005. At that time, Malcolm Glazer paid £ 790 million (Rp.15.8 trillion) to become the ruler of the Red Devils.
Malcolm died 7 years ago and his two children, Avram and Joel Glazer filled the position of vice chairman.
Last week the club said debt rose 16 percent to £ 455.5 million after 12 months of the pandemic.
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