Manchester United’s controversial owners, the Glazers have made it known that they are to sell £89 million worth of shares on the New York Stock Exchange, after the club admitted that they will lose £20 million if Van Gaal fails to lead Manchester United to Champions League football this season.
The American owners known as the family constituent ‘The Glazers’ have been highly controversial since their takeover back in 2005, where they loaned out £800 million to buy the club. Only to put the entire debt on the clubs books and not their own. But the decision to sell 8 million shares with reduced voting rights, equating to nearly 5% of the business, has been made just two months after Malcolm Glazer, the leader of the family business who took over Manchester United, passed away.
The shares are being used to cover the potential loss of money, from the clubs new sponsorship deal with Addidas, if they fail to qualify for the Champions League this season. The decision to sell these shares for a large amount of money, has caused much controversy among Manchester United’s fan base. It is believed the Glazer’s will keep the money for themselves and incest next to no money back into the club, for transfers.
The fallout from this deal is unlikely to have any impact on the Glazers and their control over the club, however it is worthy to note that in the last two years, Manchester United’s owners have sold 18% of their shares all for profit. Back in 2012 they sold 10% of their shares and it is believed that a small fraction of money that was raised from this business deal, went towards the signing of striker Robin Van Persie. So it is possible that the £89 million made could be given to Van Gaal to add players to the current squad.