Glazers set to raise $150 million by selling Manchester United shares

Avram Glazer and Joel Glazer, Co-Chairmen of Manchester United, look on during a training session in Manchester, England.

Alex Livesey / Getty Images Europe

Manchester United's American owners are set to raise around $150 million by selling more of their shares in the club on the New York Stock Exchange.

The English Premier League club announced Wednesday that the Glazer family is selling 8 million shares with reduced voting rights, which equates to around 5 percent of the business. The Glazers, who maintain control of the club, previously sold 10 percent of their holding via a stock listing in 2012.

The latest share sale was announced on a day when United shares closed at $19.31, with the Glazers cashing in at a time of renewed confidence at the club.

It also comes two months after Malcolm Glazer, who led the family takeover of United in 2005, died. His six grown children control the club.

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