By David Gold
July 4 – Manchester United’s American owners have announced their intention to list the club’s shares on the New York stock exchange.
Last year the Premier League giants planned to list in Hong Kong or Singapore, but they have instead opted to go to the United States.
The club have yet to determine the price or quantity of shares that will be made available.
Credit Suisse, JP Morgan, BofA Merrill Lynch and Deutsche Bank will be the book running managers for the proposed offering.
The initial public offering (IPO) of its shares could raise up to $100 million (£62 million/€79 million) to help reduce Manchester United’s debts, which stand at just over £420 million ($626 million/€525 million)
Those debts were acquired when the Glazer family bought United in 2005, which caused a huge backlash from supporters.
Many supporters have never accepted the Glazers despite the club’s continued success on the pitch and the significant reduction of the debts in the last two years as a result.
The chief executive of the Manchester United Supporters Trust, Duncan Drasdo, said: “If it turns out that the vast majority of the proceeds are used to pay off the debt that is certainly something we would welcome and entirely vindicates our longstanding position that their debt was damaging our club.
“The destination of the funds shows the Glazers have finally conceded this.
“Their filing includes health warnings ‘Our indebtedness could adversely affect our health and competitive position…reduce availability of our cash flow to fund the hiring and retention of players and coaching staff.'”
Drasdo claimed although that the shares on offer were inferior to those the Glazers will own, with significantly reduced voting rights.
United will also file for less than the $1 billion (£620 million/€790 million) mooted last year, though that may in part be because of the decision to float in the United States.
Almost half of United’s global fan base of 659 million are in the Far East, where they had considered putting shares on the stock exchange.
Meanwhile, United have also renewed a credit card partnership with MBNA, giving their supporters across the country the chance to apply for the card.
The card offers a range of prizes and discounts, and for every £50 ($78/€62) spent, cardholders will be entered into a monthly draw to win signed club shirts and pennants, as well as other limited action prints of members of the squad.
Cardholders are also entitled to a range of club discounts in the megastore, museum and stadium tours, as well as a zero per cent rate on balance transfers for the first twelve months.
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