A fan share programme intended to give supporters sway over the club’s management is thought to have been approved by Manchester United.
Following the European Super League scandal over a year ago, co-chairman Joel Glazer first pledged to engage in discussions with supporters regarding owning shares in the club, with the protests that broke out over the unsuccessful breakaway attempt calling for change in the way United does things.
As of April of this year, negotiations had failed to reach a consensus. However, the Guardian has now revealed a development regarding the agreement that was put to the Manchester United Supporters Trust’s members in a vote on Tuesday.
The fan share program’s most important feature is that the shares issued to participants would be new Class B shares, the same class of shares that the Glazer family currently holds. The voting power of Class B shares is 10 times greater than that of the majority of shareholders’ Class A Ordinary shares.
Co-chairman Avram Glazer sold more than £70 million worth of Class A Ordinary shares in 2021, reducing his personal stake in the club by approximately 10%. Just under 75% of United is owned by the Glazer family overall.
