Will the glaziers ever sell Manchester United?
The Kn Red Knights ’group calls on the Glazers to reduce their stake in Manchester United
Two of the original Red Knights consortia that tried to oust the Glazer family from power at Manchester United more than a decade ago have urged the American owners to give up their controlling stake in the club.
Lord O’Neill, former executive of the American investment bank Goldman Sachs, and Sir Paul Marshall wrote to the Chairman of United, Joel Glazer, after the collapse of the European Super League.
Glazer has apologized to fans for United's role in the failed venture, but O'Neill and Marshall believe the owners need to make fundamental changes to the way the club runs.
Manchester United fans are furious with the Glazer family for transferring the club to the now-doomed European Super League.
Two CEOs have asked the Glazer family to reduce their stake in Manchester United to below 50 percent.
Lord O'Neill (pictured) and hedge fund manager Sir Paul Marshall wrote a letter to Joel Glazer, United's co-chair.
Prominent figures in the failed £ 1.25 billion acquisition of United in 2010, the duo would like the glaziers to reduce their stake from 74.9 percent to no more than 49.9 percent to encourage other investors in to buy the club.
They say that as a gesture of goodwill, the owners' shares were to be sold for $ 14 each - the stock price when United was listed on the New York Stock Exchange in 2012. p>
They also want to end the club's dual tier stock structure so that all shareholders have the same voting rights.
Currently, only the Class B shares of Glazers are eligible to vote and will convert to Class A shares immediately upon sale - as was the case when Avram Glazer took in £ 70m in the share's value last month.
Manchester United manager Ole Gunnar Solskjaer was pictured next to the glasses in 2019.
O’Neill and Marshall, who are proposing the formation of a new board of directors at United that would give fans general election control, have urged Joel Glazer to endorse his apologies to supporters.
They wrote: ‘In your letter you talk about rebuilding trust with the supporters, which assumes that trust existed before the events of last week.
‘As you know, others may question whether this trust ever existed.
‘If your avowed desire to rebuild trust is sincere, these suggestions are the minimum steps you should take.’
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