The Glazer family, USA investors who bought the club in 2005, would retain control of the club under the plan.
United last year abandoned a potential $1 billion flotation on the Singapore stock market due to the state of global economy. But documents were submitted to United States government's Securities and Exchange Commission on Tuesday as the Glazers try to improve The Red Devil's Finance.
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| The 2005 takeover of The Glazers has put United in a lot of debt |
The 2005 takeover, which arguably cost $1.47 billion, had saddled the club with tons of debt. The shares which will be sold at New York Stock Exchange would be used to improve the club's financial health.
With this sale of the shares, the team would become a wholly-owned subsidiary of Manchester United Ltd, a newly-formed holding company based in the Cayman Islands.
Duncan Drasdo, the chief executive of Manchester United Supporters' Trust (MUST), questioned the value of the share compared to those owned by the Glazers, but admitting that reducing debt is a positive step.
Drasdo said: "A minority shareholding with inferior voting rights and no dividends is going to severely impact on the attraction to both financial and supporter investors.
"However, if it turns out that the vast majority of the proceeds are used to pay off debt that is something MUST would become and entirely vindicates our long-standing position that their debt was damaging our club."
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