The American owners of Manchester United will raise $150 million by selling shares of the soccer club on the New York Stock Exchange, the team announced.
According to the English Premier League club, the Glazer family, who also own the NFL’s Tampa Bay Buccaneers, are selling eight million shares and doing so with reduced voting rights.
The Glazer family took over Manchester United in 2005 and later unloaded 10 percent of their stock in the club in a 2012 offering. The decision to sell more shares comes two months after the death of former United owner Malcolm Glazer. His six children now control the club.
Manchester United and Adidas agreed to a 10-year kit sponsorship deal earlier this month, but the team warned investors that a failure to play in the Champions League for a second consecutive season would result in annual Adidas payments dropping by 30 percent.
Last season, the team finished seventh and did not qualify for the Champions League.
- Scooby Axson