The storied British soccer team
Manchester United said Tuesday
that it plans to raise about $100
million in an initial public offering
of its shares in the United States.
News reports last year had linked
the club, where the England star
Wayne Rooney plays, with a
possible listing in Singapore. But
in a filing with the U.S. Securities
and Exchange Commission
published Tuesday, Manchester
United said it aimed to sell shares
in the homeland of its American
owners, the Glazer family.
The team has one of the most
powerful brands in world sport
and has won 60 trophies in its
134-year history. But since the
Glazers, who also own the Tampa
Bay Buccaneers, bought the team
in 2005, it has accrued a high
level of debt.
Manchester United to sign
Dortmund's Japan star Kagawa
Manchester United said in the
filing Tuesday that it had
generated revenue of 331.4
million pounds ($519 million) in
the financial year ended June
2011. But at the end of March
this year, its total indebtedness
stood at 423.3 million pounds
($663 million).
The club said it would use the
proceeds from the planned share
offering to pay off some of its
debt.
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