Kieran Maguire: Man United handed incredible £550m boost after Glazer move behind the scenes
The Glazers have sold a large tranche of shares in Man United at the opportune moment – but they will not relinquish any real power.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about developments on the New York Stock Exchange.
The Glazer family recently parted with nine per cent of their shares in a £137million deal with the Bank of America.
The market now values United at £2.46billion and has seen a remarkable £550m increase since mid-August, as per The Sun on 6 October.
The signing of Cristiano Ronaldo, return of Champions League football and lifting of coronavirus restrictions have all contributed to the upturn.
The £137m share sale sanctioned by the Glazers was made up entirely of A shares, which carry fewer voting privileges than their B shares.
Subscribe to Football Insider TV now
That means the owners have sold when the price is high without ceding any control at Old Trafford, claims Maguire.
He told Football Insider correspondent Adam Williams: “They effectively created the shares themselves and didn’t pay anything.
“They have had them since the leveraged buyout in 2007 and they were listed in 2012 when United went on the stock exchange.
“They sold 9.5m shares in total. There are 120m B shares and 43m A shares in the current structure of the club.
“So they sold just under a quarter of the shares that are traded on the market, but that works out as 0.7 per cent of the votes.
“So they have made quite a lot of money without sacrificing any real power at the club. It’s a typical Glazer move.”