News Source : Bloomberg
MANCHESTER: Manchester United Plc is falling in US post-market trading after the Glazer family offered to sell a stake worth nearly US$200 million.
Shares in the English football club are down 7% after the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S Glazer Irrevocable Exempt Trust offered a total of 9.5 million shares.
The stake is worth about US$186 million as of yesterday’s close.
The offering follows an 11% run-up in the stock since Sept 17, when Manchester United reported higher quarterly revenue from the same period last year amid a return to full capacity at home games.
The stock climbed a total of 17% this year as of yesterday’s close on reopening momentum and the team’s acquisition of Cristiano Ronaldo.
Bank of America Corp is serving as underwriter for the deal.
