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Why Manchester United Stock Crashed 14% Today

Rich Smith, The Motley Fool
·2-min read
Why Manchester United Stock Crashed 14% Today

Investors gave shares of the publicly traded Manchester United (NYSE: MANU) football club (although we all know they really play soccer) a red card this morning, selling off the stock by 14.3% through 11 a.m. EDT. As announced this morning, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust, which own a combined 40.4 million shares of the company (almost 25% of shares outstanding, according to data from S&P Global Market Intelligence), will be selling 9.5 million of those shares in a secondary offering that will close on Oct. 8. Manchester United shareholders who aren't selling can't expect any benefit from this deal, because in a secondary offering by insider shareholders, the company doesn't receive any of the cash from the sale.

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