Manchester United Plc is falling in US postmarket trading after the Glazer family offered to sell a stake worth nearly $200 million.
Shares in the English soccer club are down 7% after the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust offered a total of 9.5 million shares. The stake is worth about $186 million as of Tuesday’s close.
The offering follows an 11% runup in the stock since September 17, when Manchester United reported higher quarterly revenue from the same period last year amid a return to full capacity at home games. The stock climbed a total of 17% this year as of Tuesday’s close on reopening momentum and the team’s acquisition of Cristiano Ronaldo.
Bank of America Corp. is serving as underwriter for the deal.