Glazers to raise £88.7m in Manchester United share sale

Malcolm Glazer (right) with his sons Joel and Bryan.

Manchester United's US owners are set to pocket about $150m (£88.7m) by selling more of their shares in the club on the New York Stock Exchange.

The club said the Glazer family is selling eight million shares, or about 5% of the business.

The Glazers, who will keep control of the club, previously sold 10% of their holding via a stock listing in 2012.

The deal comes two months after Malcolm Glazer died. His six grown children control the club.

The latest share sale was announced on a day when United shares closed at $19.31 apiece.

The Glazers bought United for £790 million ($1.34bn) in 2005.

Once the shares are sold, the six children of the late Mr Glazer will still own more than 80% of the club's total shareholding.