Failure 'not an option' for United
Red Devils' American owners warn they won't be able to keep their best players or sponsors if they don't qualify for the Champions League again
Manchester United's American owners warned investors the club may struggle to keep their best players if they miss out on Champions League qualification for a second consecutive season.
The warning came as the Glazer family announced it was set to raise around US$150 million by selling more of their shares in the club on the New York Stock Exchange.
"Because of the prestige associated with participating in the European competitions, particularly the Champions League, failure to qualify for any European competition, particularly for consecutive seasons, would negatively affect our ability to attract and retain talented players and coaching staff, as well as supporters, sponsors and other commercial partners," the owners said in the club's prospectus.
The Glazers are selling eight million shares with reduced voting rights, equating to 5 per cent of the business. The Glazers, who maintain control of the club, previously sold 10 per cent of their holding via a stock listing in 2012.
The announcement comes two months after Malcolm Glazer, who led the family takeover of United in 2005, died. His six grown children control the club.
The latest share sale was announced on a day when United shares closed at US$19.31, with the Glazers cashing in at a time of renewed confidence at the club.
Former Netherlands and Barcelona coach Louis van Gaal has taken charge following a dismal first season of the post-Alex Ferguson era under David Moyes that saw the team finish seventh and fail to qualify for the Champions League.