Manchester United are preparing to sell £258 million worth of shares after a drop in revenue, reports the Daily Express.
The Red Devils suffered a £38 million drop in revenue over the last year, from £433.2 million to £395.2 million. This was in part due to being out of the Champions League. Not participating in Europe’s premier club competition cost them an estimated £40 million, and has been a major blow to their status among the biggest clubs on the continent.
United are looking to raise the funds by selling 24 million ‘Class A’ shares. These are different from the ‘Class B’ shares – which have ten times the voting power – that the Glazers use to control the club. As such, this sale will have no effect on their position as owners.
SEE MORE
Manchester United transfer news
David Moyes cost Manchester United £38m in less than one season in charge
Manchester United star has £25.5m release fee amid Real Madrid links
Despite all of this, United are still the richest club in England. However, if they continue to struggle on the pitch, as they did against PSV Eindhoven and Swansea City, it could eventually affect this. The recent victory over Liverpool does give some hope that their fortunes are turning around.