Manchester United's American owners are to cut their stake in the club and look set to bank around $150 million as a result, the club said on Wednesday.
The Glazer Family, who bought Manchester United in 2005 for £790 million, will sell 8 million of their shares – or about 5 percent of the club. Manchester United will not receive any money directly from the sale, and it will be up to the family whether they pump any money back in to the club.
Manchester United was listed on the New York Stock Exchange in 2012. Its shares have rallied 24 percent over the year to date and are currently trading at $19.31.
The sale comes just two months after the death of Malcolm Glazer, who led the takeover of the club. Following this share sale, his six children will still own more than 80 percent of Manchester United's shares.
The Glazers have been controversial figures at the club, with some fans accusing them of maintaining high debt levels, and profiting from it without helping it grow.