Manchester United co-owner Edward Glazer to sell three million shares

Manchester United have announced that co-owner Edward Glazer intends to sell three million of his shares in the club.

The Premier League outfit, which is listed on the New York Stock Exchange, was bought by Malcolm Glazer, who passed away in May, and his family back in 2005.

Last night, during the second half of United's 2-1 victory over Southampton, it was announced by the club that Glazer wants to sell 85% of his shares, which could earn him around £31m ($49m).

A statement read: "Manchester United will not receive any proceeds from the sale of any Class A Ordinary Shares by [Glazer]. The offering is expected to close on December 12, 2014, subject to customary closing conditions."

Four months ago, the Glazer family announced plans to sell approximately five per cent of their stake in the club.