Manchester United’s share price has increased by $2.24 (£1.65) since Cristiano Ronaldo signed on 27 August, meaning the 9.5m shares sold by the Glazers in the past 24 hours were worth $21.3m more.
That stock, valued at $186.4m (£137.1m) and representing about 8% of the American family’s holding, has been sold to Bank of America, which must find buyers to sell on to. When the US market opened on the morning of 27 August shares in United were worth $17.38 and at the close of Tuesday, when the Glazers announced the sale, the price was $19.62.
The shares listed were in the names of the directors Kevin Glazer and Edward Glazer, and a statement to the New York Stock Exchange said the club “will not receive any proceeds from the sale of any shares”. The sales represent 24% and 23% of their holdings respectively.
In March Avram Glazer, the co-chairman, sold shares worth more than £70m, United again not receiving any proceeds. The sale of 8% of the family’s shares leaves the Glazers with 69% of the club.
It is understood the Glazers remain committed to United for the long term and that their plan when the club was listed in 2012 was to sell small blocks of shares periodically.