Manchester United: Majority shareholder offers 8m shares, total value €116m

The American holding company Red Football LLC has put 8m shares of Manchester United (Premier League) up for sale at $19.42 (€14.50) each, Manchester United announced on 30/07/2014. The offering totals €116m.

Red Football LLC, owned by the Glazer family, remains Manchester United's majority shareholder with 81.66% of the club's shares, compared to 82.28% before issuing these shares. Manchester United did not explain the reason for the sale of these shares.

The revenues from this sale of shares are, according to several British media outlets, in order to provision for a clause in the contract between Manchester United and Adidas, the club's official kit supplier from 2015-16 through 2024-25 for £750m (approximately €942m) in total over the ten-year partnership. In the event that Manchester United don't participate in Champions League for two consecutive years, Adidas' annual allocation would be decreased by 30% in the second of those two years, the club said on 30/07/2014.

The club's desire to decrease its debt could also be an explanation for the sale of these shares. Manchester…