Manchester United seeks $100m New York stock sale

[lastlid]

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

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

The club had earlier explored the possibility of a $1bn flotation 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 fan base and promotional and marketing efforts."

http://www.bbc.co.uk/news/business-18699885

[Dedworth]

They've lowered their expectations a touch then - no interest in Sing over a $1bn flotation so now its $100m in New York

[Bluebirdjones]

Probably not too much lower eventually...

In the United States, the amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

"The smaller the float, the higher the relative valuation can be...This may just be a strategy initially to make it appear like a low float IPO,"

However, it's only the "A" ordinary shares that they're potentialy selling.
The Glazer family will keep hold the class B shares, which will have 10 votes each representing 67% of the voting power of all shareholders, hence keeping the club's management within their control.

[Dedworth]

BBJ Thanks for your undoubted financial expertise in expanding on what these slippery debtors may be up to :D

[lastlid]

I thought Joe might have had something to say on this....:icon_lol:

[Dedworth]

I thought Joe might have had something to say on this....:icon_lol:

:icon_lol: He's probably still digesting my post about the respective league positions, financial rewards etc etc of the European Club Champions and Totnum Hotspurs

[Dedworth]

Bit more of a write up here

http://www.bbc.co.uk/blogs/davidbond/2012/07/glazers_are_going_nowhere.html

[Dedworth]

Some dodgy borrowings from the club by the Glaziers exposed here

http://football.uk.reuters.com/football/news/2012/07/07/CB37E906-C86B-11E1-9D6A-9C158033923B.php

[Dedworth]

Manchester United have temporarily postponed their flotation on the New York Stock Exchange amid market fears caused by the Eurozone crisis.

The Glazer family, who own the club, are believed to have been spooked by the volatile US markets - forcing them to reconsider their £193million flotation in New York.

The plan had been to begin trading United's shares from early August, but this has been put on ice.

Read more: http://www.dailymail.co.uk/sport/football/article-2179063/Manchester-United-postpone-stock-market-flotation.html#ixzz21iB76mCo

I bet this scheme will not be resurrected. Anyway Ferguson trusts the Glaziers so everything must be fine on the financial front :icon_lol:

[lastlid]

Game on again...

"Manchester United has said it plans to raise as much as $330m (£210m) in a share listing in New York.

In documents filed with the Securities and Exchange Commission, the football club said it would sell 16.7 million shares at between $16 and $20 each"

http://www.bbc.co.uk/news/business-19057547

[Dedworth]

Game on again...

"Manchester United has said it plans to raise as much as $330m (£210m) in a share listing in New York.

In documents filed with the Securities and Exchange Commission, the football club said it would sell 16.7 million shares at between $16 and $20 each"

http://www.bbc.co.uk/news/business-19057547

:icon_lol:

If at first you don't succeed, try, try again. Then quit. There's no point in being a damn fool about it.
- W C Fields

[Dedworth]

Game on again...

"Manchester United has said it plans to raise as much as $330m (£210m) in a share listing in New York.

In documents filed with the Securities and Exchange Commission, the football club said it would sell 16.7 million shares at between $16 and $20 each"

http://www.bbc.co.uk/news/business-19057547

:icon_lol:

If at first you don't succeed, try, try again. Then quit. There's no point in being a damn fool about it.
- W C Fields