Man U files $100m initial public offering on NYSE
London, July 4(ANI): English Premier League club Manchester United has filed an initial public offer (IPO) on the New York Stock Exchange that will see their owners, the Glazer family keep control of them.
Manchester United said in a filing with regulators that they would be seeking to raise 100 million dollars in the IPO.
The figure in the initial IPO paperwork is typically a placeholder and there is conjecture that the club will be seeking to raise up to 1 billion dollars.
The Glazer family, which bought United in 2005 for 790 million pounds, scrapped earlier ambitions to float in Singapore because of the commotion in global financial markets.
"It is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on earth," The Telegraph quoted United, as telling to their investors in its filing with regulators.
The club warned potential investors that it would adopt a dual-class share structure, with B shares enjoying ten times the voting rights than A shares.
It is a structure that will allow the Glazer family, which also own the NFL team, Tamp Bay Bucaneers, to retain control of all key decisions at the club.
The proceeds of the sale will go towards repaying the club's debt, which stood at 423.2m pounds at the end of March. (ANI)
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