Glazers pocket £75m as Man Utd trade on stock market

The Glazer family has done well out of Manchester United. Photo: PA

The American owners of Manchester United pocketed around £75million today as shares in the football club were publicly traded for the first time in seven years.

Some 16.6 million shares, equal to 10% of the club, were floated on the New York Stock Exchange to great fanfare as members of the Glazer family rang the opening bell.

The 134-year-old club offered shares for 14 US dollars (£9) a piece - giving United a market value of £1.5 billion - but there was little price movement in early trade.

The offering was substantially lower than the 16 to 20 US dollars originally proposed by its advisers - which would have valued the club at £2.1 billion at the top end.

The flotation will raise around £150 million with roughly half the proceeds going to the Glazers, who bought the club in 2005 for £800 million, while the remaining proceeds will be used to pay down some of the Red Devils' £423 million debt pile.