By Jonathan Davies
Edward Glazer is to sell three million of his shares in Manchester United Football Club.
Edward is one of six children who inherited equal shares in the club after their father Malcolm Glazer, who owned the club, died in May.
The Glazer family owned 90% of the club when it floated 10% on the New York Stock Exchange. It is understood that the three million shares to sold by Edward Glazer amounts to 2% of the club and around 15% of his stake.
He is set to earn more than £28 million from the share sale.
After the sale is completed, the Glazers will own roughly 80% of the shares. But they will still retain 95% of voting rights.
It comes after the family sold eight million shares in July to raise £88 million.
In a statement, Manchester United said: "Manchester United plc today announced the offering of 3,000,000 of its Class A Ordinary Shares by the Edward S. Glazer Irrevocable Exempt Trust (the 'Selling Shareholder').
"The underwriter will have an option to purchase up to an additional 450,000 Class A Ordinary Shares from the Selling Shareholder.
"Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by the Selling Shareholder.
"The offering is expected to close on 12 December 2014, subject to customary closing conditions."
Join us on