(Bloomberg) -- More than a month of strong gains in Manchester United Plc shares came to a halt on Friday after the Glazer family trimmed its majority stake in the English soccer club, offloading about $96 million worth of stock.
The shares fell as much as 12% to $17.72 in New York, the biggest intraday drop since the coronavirus outbreak roiled markets in March 2020. The sale of 5 million shares priced at $19.25 apiece, according to a person familiar with the matter, representing a 4.4% discount to Thursday's closing price.
Even after the drop, the shares remain up about 9% year-to-date after a rally spurred by the U.K. government's plans to reopen soccer stadiums to fans as well as a boost to the company's earnings from the team reestablishing itself in the lucrative Champions League.
After the sale, the Glazers will maintain a combined ownership of 74.9% of outstanding shares, down from 78%, a spokesman said in written comments, while declining to comment on the reason for the sale.
JPMorgan Chase & Co. was the underwriter for the offering.
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