Manchester United owners to raise £89m by selling 8 million shares

The Glazer family, owners of Owners of Manchester United football club, are  set to raise a staggering £89m by selling 5% of the football club.

The American owners are planning to sell eight million shares on the New York Stock Exchange.

The club, which is valued at more than $3.2bn, generated £430m in revenues in the year to June 30.

The Glazers family bought United for £790m ($1.34bn) in 2005.

The news of the share sale comes after two months after the death of Malcolm Glazer. Glazer’s  six children now own 80% of the club.

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