Man Utd Plan New York Flotation; Fergie Hints at New Signings
July 4, 2012
United's Old Trafford ground (Getty)
(WFI) Manchester United are planning a New York flotation in a bid to raise $100 million to help slash debts of $660 million.
The move comes after United abandoned a proposal for a $1bn flotation on the Singapore stock market. United sees Asia as an emerging market and recently boasted that the continent was home to many of its 659 million global fans.
But a slowdown in Asian economies forced the club's American owners, the Glazer family, to look elsewhere to sell shares.
The club has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission in connection with the proposed initial public offering of its Class A Ordinary Shares.
"Manchester United intends to apply to list its Class A Ordinary Shares on the New York Stock Exchange," said a press release. The number of Class A Ordinary Shares to be offered and the price range for the proposed offering have not yet been determined."
The Glazer family, who also own the NFL Tampa Bay Buccaneers, have controlled the club since their 2005 takeover.
United are the most successful club in English football, having won the top-flight league 19 times. They've also been crowned European champions on three occasions.
But in recent seasons fans have been growing more and more frustrated and disillusioned with their ownership due to mounting debts.
After arch rivals Manchester City edged them to win the Premier League title last season, fans will hope that the flotation raises funds to strengthen the squad for the coming campaign.
United manager Sir Alex Ferguson has indicated that Shinji Kagawa and Nick Powell may not be the only signings this summer.
In an interview with MUTV , Ferguson said: "Yes, there's a possibility. We’re working on one or two things.
"We always try to get our work done at the end of the season - we spent a good deal of time sorting the deal with Shinji and we'd agreed a deal with Nick Powell before the play-offs which was a good move by us because the boy had an outstanding final at Wembley.
"When you don’t get deals done immediately and you’re negotiating with a club over a long period, then you can’t expect to just snap your fingers and get it done."
By INSIDER editor Mark Bisson
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