29/Jul/2014 - Last News Update: 02:56

Manchester United seeks $100m New York stock sale

Category: England

Published: 3rd Jul 2012 23:12:07

Manchester United has applied to list on the US stock market in a share sale that aimed at raising $100m (£64m).

In documents filed with the Securities and Exchange Commission, the Premier League giant said it is listing on the New York Stock Exchange.

The club had earlier explored the possibility of a $1bn floatation on the Singapore stock market.

United, among the best-supported clubs in the world, said it would use money from the listing to repay debt.

The club has been controlled since 2005 by the Glazer family, the billionaire US sports investors who also own the Tampa Bay Buccaneers American football franchise.

But the club has in recent years been weighed down with heavy debts despite its huge global fanbase and promotional and marketing efforts.

"We intend to use all of our net proceeds from this offering to reduce our indebtedness," the prospectus filed with the SEC said.

In September United received approval for a share sale in Singapore, but the process was delayed because of volatility in the stock markets.

Several high-profile flotations have been pulled in recent months as investor appetite has been dampened by the European debt crisis and worries that Asian economies are slowing.

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BBC News, 2012. Manchester United seeks $100m New York stock sale [Online] (Updated 3rd Jul 2012)
Available at: http://www.ukwirednews.com/news/1438467/Manchester-United-seeks-100m-New-York-stock-sale [Accessed 29th Jul 2014]

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