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.
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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.
Glazer controversy
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.
It comes after a terrible English Premier League season for Manchester United, which finishing seventh and missed out on a lucrative place in Europe's Champions League.
Club up for sale?
The club could benefit from the sale, according to Michael Jarman, former professional soccer player and chief market strategist at H2O Markets, but he said personal profit was likely to be the main game.
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"They are either going to sell more shares into the market then inject that money back in to the club in order to buy players, or they will pay down debt. Or they will bank some of the profits. I think it's more likely to be the latter," Jarman told CNBC in a phone interview.
The move could also indicated that the Glazers were looking to sell the club, according to Jarman. "If I believe my business has got further to go then why would I sell shares?" he said, referring to the Glazer's move.
Van Gaal hope
Fans are hoping the club can turn around its fortunes in the upcoming Premier League season under its new manager, Louis Van Gaal. The Dutch manager led the Netherlands to third place in the World Cup in Brazil this year.
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Further hope has been fuelled by the club's mammoth £750 million shirt deal with Adidas, and the signing of two new players – Luke Shaw from Southampton and Ander Herrera from Spain's Athletic Bilbao.
- By CNCB's Arjun Kharpal