NEW YORK (TheStreet) -- Manchester United (MANU) shares are down 9.5% to $14.94 in early market trading on Tuesday after part owner Edward Glazer put up 3 million class A shares of the English football club for sale in a deal that could net him more than $50 million. The shares represent about 15% of Glazer's total stake in the club.
Edward is one of six of Malcolm Glazer's children -- Malcolm Glazer died earlier this year at the age of 86 -- who own an equal piece of the team.
Edward's sale brings the Glazer family's total controlling stake in the team down to about 80% from 83%.
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TheStreet Ratings team rates MANCHESTER UNITED PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate MANCHESTER UNITED PLC (MANU) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, poor profit margins and a generally disappointing performance in the stock itself."