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.
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