Date published: Tuesday 15th October 2019 11:38
Kevin Glazer looks set to become the first of the six Glazer siblings to break rank and sell his shares in Manchester United.
The news comes in the wake of the Red Devils announcing that they will suffer a fall in revenue this season for the first time in years.
The Old Trafford club also needs to find a new shirt sponsor, with Chevrolet declining to extend their whopping £450million, seven-year deal.
The Sun revealed last year that the Saudi Arabian government wanted to buy the Glazers out, only to be told that United was not for sale.
And the report adds that Kevin Glazer’s move ‘does not mean fans dreaming of new owners will be granted their wish anytime soon’.
Documents recently filed with the USA’s Securities and Exchange Commission show that Kevin has converted all his B class shares into A class stock.
It is class A shares that are traded on the New York Stock Exchange and financial experts say the only conceivable reason for the transfer is that Glazer is ready to sell up.
The 20,899,366 A shares now owned by the Kevin Glazer Irrevocable Exempt Family Trust are worth about £270m at the current price.
Kevin has also declared control, via KEGT Holdings, of a further 3,765,392 A shares, worth close to £50m.
But Kevin’s decision to sell up will make it more difficult for any of his five siblings to do the same in the short term.
The report adds that ‘any individual or company interested in buying Kevin’s A shares is likely to ask for “lock-in” guarantees that the other Glazers won’t sell their shares for a specified period of time’.
That is because another sale of a significant number of shares would drive the share price down and so devalue their investment in Kevin’s stock.