United announce share sale
Glazers risk fans' fury over fund-raising plans
Last Updated: July 31, 2012 11:28am
Share sale will not be used just to pay off debts as previously suggested
The Glazer family have issued a notice of intent to sell just over 10 per cent of Manchester United on the New York Stock Exchange.
An announcement on Monday evening confirmed their intention to raise around $300million (£191m).
But many will be alarmed that there appears to have been a significant shift in how the proceeds will be used.
It had earlier been suggested that the entire sum would be used to pay off United's huge debts that currently stand at over £400m.
However, the prospectus released to accompany Monday's announcement indicates that only half of the money will be used in that way, with the rest going directly to the Glazer family.
If that proves to be the case it will provoke fury among the United support, who have already seen vast amounts of cash disappear in various charges following the family's takeover in 2005.
The statement read: "Manchester United is offering 8,333,334 Class A Ordinary Shares and the selling shareholder is offering 8,333,333 Class A Ordinary Shares.
"The underwriters have an option to purchase up to an additional 2,500,000 Class A Ordinary Shares from the selling shareholder.
"The Class A Ordinary Shares will be listed on the New York Stock Exchange and will trade under the symbol 'MANU'."