Man United hoping to raise $330m after New York Stock Exchange listing

Man United hoping to raise $330m after New York Stock Exchange listing
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Published July 31st, 2012 - 09:20 GMT via SyndiGate.info

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Man United launches New York Stock Exchange listing
Man United launches New York Stock Exchange listing
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Abu Dhabi
,
London Stock Exchange
,
Chevrolet
,
New York Stock Exchange
,
Aon
,
Sultan Al Nahyan
,
Mansour
,
Security and Exchange Commission

Manchester United launched its New York Stock Exchange listing on Monday, hoping to raise about $330 million by selling 10 percent of the Premier League club.

The record 19-time English champions told the Security and Exchange Commission that 16.7 million shares will be offered at a starting cost of between $16 and $20.

United is looking to raise funds to help reduce debt from the Glazer family's 2005 takeover, rated at 423 million pounds ($663 million) as of March 31.

  1. Manchester United launched its New York Stock Exchange listing on Monday

The Glazers will retain control of the club through its ownership of Class B shares, which will have 10 times the voting power of the stock sold to the public.

The club was listed on the London Stock Exchange from 1991 until the Glazers completed a leveraged buyout valued at $1.47 billion in June 2005.

The Glazers also announced a seven-year shirt sponsorship deal on Monday with American car company Chevrolet, which will begin at the start of the 2014-15 season.

The current United shirt sponsor, Aon, has another two seasons to run in a deal that began in the 2010-11 season.

The Red Devils were on track to win their 20th league title this year when leading by eight points into the final weeks of the season. But crosstown rival Manchester City won the title on goal difference on the final day of the season. City is football's biggest spender following its purchase by Sheikh Mansour bin Zayed bin Sultan Al Nahyan of Abu Dhabi.

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© 2012 Al Sidra Media LLC

MAN UTD ALWAYS RED DEVILS NICE FOR EVER

AMANUEL SHIGUTE (not verified) Fri, 09/07/2012 - 13:57

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