Six months after the death of First Allied Corporation founder Malcolm Glazer, his son Edward has put his inherited stake in Manchester United up for sale, worth almost £30 million (€38 million).
Forty-four-year-old Edward serves as the president of First Allied Corporation, co-president of the Glazer Family Foundation as well as executive vice president and co-chairman and of the Glazer’s other sports team – the Tampa Bay Buccaneers.
Following Glazer’s death in May, Edward’s family released a statement saying that the long established estate succession plan for the two sports teams ensured they would remain with the Glazer family for generations to come.
The 85-year-old had left ownership of Manchester United between his wife, five sons and his daughter.
But a statement issued by the club and New York Stock Exchange, where 10% of shares are already listed, said 3 million Class A ordinary shares would be offered from the Edward S Glazer Irrevocable Exempt Trust. It said the offering is set to close on 12 December.
According to the BBC, the shares amount to around a 2% stake in the club, and approximately 15% of Edward’s stake.
Three of Glazer’s sons, Bryan, Avi and Joel, took an active leadership role at the family’s two sports clubs since their father’s stroke in 2006. Avi and Joel are today co-chairmen of Manchester United, while Bryan is a non-executive director.
Glazer bought the Buccaneers in 1995, decade before purchasing Manchester United.
Born in Rochester, New York as one of seven children, Glazer took over the family watch-parts business at age 15 following the death of his father.
In 1984, he founded First Allied Corporation owns an estimated 6.7 million square feet of shopping centre space across the US and is worth an estimated $700 million (€567 million).
The firm which specialises in the ownership, management and leasing of shopping centres helped fund Glazer’s purchase of Manchester United and the Buccaneers.