Avram Glazer, Manchester United’s co-chairman, will likely receive about £71 million after he decided to put five million of his shares in the club up for sale on Thursday night.
In a move that would see Glazer's share of the club reduce to 10.2% following any sale, the Glazer family's combined ownership would drop from 78% to 74.9%.
It is not currently expected that Avram Glazer and his five siblings have any plans to sell any further shares, however, and they remain committed to running United.
Manchester United directors Bryan Glazer (left), Avram Glazer (right) and Joel Glazer (second right) speak with former manager Alex Ferguson. Although there is no guarantee that Glazer will recoup as much as £71 million from the sale, that is what he stands to collect if the shares are sold for their current worth.
Crucially, the club confirmed in a statement to the New York Stock Exchange that "Manchester United will not receive any proceeds from the sale."
The club owners since 2005, the Glazer family controversially purchased United for £790 million through a leveraged buyout.
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Deeply unpopular with much of the club's fanbase, Avram and Joel Glazer became co-chairmen of the club after the death of their father Malcolm in 2014.
News of this prospective sale comes shortly after it was revealed that United were forced to borrow £60 million to combat financial struggles in the wake of the coronavirus pandemic.
Despite their standing as one of the world's biggest sporting organisations, it is estimated that Manchester United lost over £100 million in income due to the pandemic.
On the football side of things, Ole Gunnar Solskjaer's team drew 1-1 with AC Milan in the first-leg of their Europa League tie on Thursday evening.
They take on West Ham United in a crucial Premier League encounter this weekend as they look to cement their place in the Champions League next season.
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