Manchester United is set to float onto the New York Stock Exchange, seeking to raise $100m in an IPO.
The club had previously considered a $1bn listing in Singapore but dropped the plans because of market turmoil. A filing with the Securities and Exchange Commission yesterday confirmed the planned IPO, although this is a 'place holder value' and could be revised upwards, the Financial Times reports. According to the filing, the Manchester United's debt as on March 31 was £423.3m, a result of the leveraged buyout of the club by the Glazer family in 2005. It also had just £25.6m in cash at the end of the first quarter, having spent £125m in the nine months to the end of March after f...
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