Glazers to 'sell off' United! American owners plan share sale to slash crippling debt

The Glazer family are planning to sell up to a quarter of the shares they own in Manchester United in a move which is hoped will raise £400million for the Premier League champions.

United chiefs are hoping the move will allow them to cut the massive £500m debts which currently hang over the club and reduce the £45m-a-year repayments they must make to service the debt.

The American owners value the club at £1.7billion, but will still retain the controlling share, despite the huge sale of between 15 and 25 per cent of the business, according to reports in The Sunday Mirror.

Money men: The Glazers could move to slash United's debt

A city source said: ‘The belief is that the Glazers are trying to clear as much of the United debt as possible but still retain at least 75 per cent of the club and therefore stay in full control.

‘It’s a smart move. It’s a win-win situation for them because it also enables them to put a stop to the criticism that United is a Glazers’ closed shop.

‘If they take this route then they will be open to greater public scrutiny and many United supporters – even those who are their biggest critics – will welcome that.

‘To make the club attractive to potential investors they will have to aim to pay dividends to all shareholders.

All smiles: Despite the massive debts United have remained hugely successful

‘If they did that at the moment they would be the only beneficiaries and be accused of taking money directly out of the business.

‘If they have got other shareholders they can fully justify paying everyone a dividend – and that would be worth tens of millions of pounds to the Glazers.

‘Another factor that would please many fans is that this new funding could also create a situation where more money would be made available for Sir Alex Ferguson to spend on his team.’

Fans' fury: United supporters have not been happy with the Glazers since their arrival in 2005