By David Gold
August 10 – Manchester United have announced they will float on the New York Stock Exchange for $14 (£9/€11) per share, rather than the $16 (£10/€13) originally announced.
That means United will not be able to raise as much as they had originally intended.
United’s owners, the Glazer family, hoped to raise $330 million (£210 million/€269 million) from the flotation.
They will now have to revise that figure down to $233 million (£150 million/€190 million).
Shares are available as of today under the filing name “MANU”.
The club has more than £400 million ($628 million/€511 million) in debts accrued as a result of the leveraged takeover by the Glazers in 2005.
There has been criticism from supporters that shares sold will be far less significant in voting power to those the Glazer family hold.
Supporters are particularly angry that it appears much of the money raised from the flotation will go directly to the Glazers, with only half used to pay off the club’s debts.
The Manchester United Supporters Trust (MUST) says that the news is a humiliating blow for the Glazers, and it confirms that the valuation of the team is not as high as their American owners would have hoped.
However, the team, with almost 700 million supporters, is still the most valuable in world football.
United’s flotation on the New York Stock Exchange comes after the club had previously looked at listing in the Far East.
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