Premier League giants Manchester United are hoping to raise almost £87m on the New York Stock Exchange as fears the club will once again fail to qualify for the Champions League begin to kick in.

The controversial Glazer family, who have had a mixed reception as bosses of the Old Trafford club, announced they will be selling approximately 5% of the Manchester United business, equating to eight million shares.

Failure to qualify for the Champions League for the coming season has caused the United chiefs to cast doubt over the future success of the brand.

The money the club raises from the sale of the shares will be used to protect itself against a potential downturn in financial fortunes.

The Red Devils recently signed a record-breaking £75m per season deal with German sportswear firm Adidas, which will last for 10 years.

However, if they fail to qualify for the Champions League for a second successive term, payments will be reduced to £52.2m per season, the club told investors in its share prospectus.

"Our success and many achievements over the last 20 years does not necessarily mean that we will continue to be successful in the future, whether as a result of changes in player personnel, coaching staff or otherwise," said the Glazers in a statement.

"A downturn in the performance of our first team could adversely affect our ability to attract and retain coaches and players."

On the back of the news, United shares took a slight dip, dropping by around 0.5% to £19.31.