Glazers risk Man U wrath with $400m share sale

THE Glazer family stands to pocket more than pound stg. 240 million ($407m) from a potential share sale.

THE Glazer family stands to pocket more than pound stg. 240 million ($407m) from a potential share sale in a move that would drive another wedge between the Manchester United owners and the club's supporters.

With the news this week that United posted record revenues of pound stg. 363m for the past financial year only heightening frustration among fans at the club's failings in the transfer market this northern summer, the prospect of the Glazers securing another windfall would be a bitter pill for supporters to swallow.

The Glazers received about pound stg. 70m when United listed on the New York Stock Exchange 13 months ago and the Americans would be in line to earn a further $US391m ($412m) should they successfully sell 23 million of their shares - based on an existing share price of a little more than $US17 - in the coming months.

Reviled by sections of the Old Trafford fan base for the 2005 takeover - which some financial analysts estimate has cost the club pound stg. 680m in interest payments, bank charges and debt repayments - the Glazers made a so-called "shelf" filing with regulators on Wednesday, outlining a possible willingness to sell more shares.

The Glazers sold 10 per cent of the club through their partial flotation in August last year - when about only half of the pound stg. 145m raised was used to bring down United's debt - and could now offload a further 14 per cent by selling the 23,019,333 class-A shares they hold.

However, since the class-A shares carry only 1/10 of the voting rights of the class-B shares, which the Glazers own in their entirety, the owners would barely be relinquishing any more control by offloading the rest of their A shares and enjoy a huge payday in the process.

Indeed, there would only be a 1.8 per cent drop in that regard, leaving the Glazers to still command 96.9 per cent of the votes and complete control over the running of the club.

THE TIMES