Glazers to pocket half of Manchester United flotation
Tuesday 31 July 2012
The Glazer family last night issued a notice of intent to sell just over 10 per cent of Manchester United on the New York Stock Exchange, aiming to raise around $300m (£190m).
In a development that is likely to anger fans unhappy with the Glazers' ownership, there appears to have been a significant shift in how the proceeds of the flotation will be used.
Previously, it was suggested that the entire sum would be used to pay off United's £400m debt. However, the prospectus released to accompany yesterday's announcement indicates only half the money will be used in that way, with the rest going directly to the family.
United have also announced a seven-year shirt sponsorship deal with Chevrolet. The deal starts in 2014-15 and is worth £25m a season.
Latest in Sport
Manchester United transfer news and rumours: David De Gea could leave for FREE; £38m for Marquinhos; £37m bid for Mats Hummels;
Transfer talk: Juan Cuadrado Chelsea move imminent; Manchester United eye Nathaniel Clyne; Andre Schurrle medical at Wolfsburg
Danny Ings to Liverpool: The Reds attempt to steal a march on rivals in race to sign Burnley striker
Kim Sears 'swearing' outburst threatens to overshadow Andy Murray's Australian Open semi-final win
Kim Sears: Andy Murray defends fiancée's for outburst after a bad-tempered march to final
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account