However, the Red Devils won’t benefit from it.
Avram Glazer is ready to sell about £71.5 million worth of his Manchester United shares, meaning the Glazer ownership will drop from 78% to 74.9%.
The club’s co-chairman is selling five million shares and stands to recoup the amount, having put them up for sale last night.
In a statement to the New York Stock Exchange, the club said: “Manchester United will not receive any proceeds from the sale.”However, The Times understands that Glazer won’t sell more shares and remains ‘committed’ to running the club.Despite being hit hard by the pandemic, the Red Devils’ finances haven’t drained out completely. However, the Times adds that the club had to borrow £60 million about a week ago.