Manchester United, the Premier League football club, is reportedly close to finalizing the specifics of a new fan share scheme committed by its owners in the aftermath of this year's European Super League (ESL) protests.
Supposedly, the club and the Manchester United Supporters Trust (MUST) are said to be in advanced discussions over the supposed initiative.
As part of the new plans, which are still liable to change, the New York Stock Exchange listed-firms will release an initial tranche of company shares to its supporters.
As per sources privy to the matter, these shares would be organized as a novel class of equity that would carry voting rights that are the same as that of B-share class owned by Glazer family members, who had taken control of Manchester United back in 2005.
The B-shares, and thus the new fan shares, encapsulate ten times the voting rights of the regular A-shares owned by a majority of investors.
It is believed that the initial tranche issued as part of the program can be in the range of $10 million, though the exact amount has yet to be determined.
Following that, depending on demand from Man United supporters, more and possibly larger tranches of shares will be issued in the following years.
Specifics of the fan ownership scheme are likely to be finalized before the end of the year, but they will be subjected to a MUST member vote.
A novel fan advisory board, which is close to being framed as a dedicated forum for communication between supporters and club authorities, would also be discussed on the scheme.
As a result, the new vehicle is projected to be operational by 2022, much later than the club's co-chairman, Joel Glazer, had predicted.
Glazer had stated back in June that he intended to reach an agreement before the beginning of the current season.
It was rebuffed that the delay was a setback by sources from both sides, who said that the program's viability was more crucial than meeting arbitrary deadlines.