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Manchester United announce that co-owner Avram Glazer will sell £71.5m worth of his shares in the club... but the Red Devils will not see a penny of it

Manchester United have announced that majority owner Avram Glazer is selling five million of his shares in the club.

If the shares are sold at their current value, Glazer could earn $100m (£71.5m) of which none of the proceeds will go directly towards the club.

None of his five siblings including co-chairman Joel Glazer are thought to be considering selling their stakes in the Premier League side.

Avram himself is also understood not to be planning on selling any more for the foreseeable future and he and the rest of his family remain committed to running the club.