Tags: manchester | united | ipo | us

Manchester United Files for $100 Million IPO in US

Tuesday, 03 Jul 2012 05:59 PM

Manchester United Ltd., the English soccer team with a record 19 national championships, filed to raise $100 million in a U.S. initial public offering.

The club didn’t say how many shares it will offer or at what price. The offering amount is a placeholder used to calculate registration fees and may change.

United, which previously planned to raise as much as $1 billion in a Singapore IPO, may hold the U.S. offering this summer, people with knowledge of the plans said last month. The Singapore process was stalled as volatile stock markets roiled equity sales, people familiar said at the time. Proceeds from the sale will be used to repay debt, Tuesday’s filing shows.

Jefferies Group Inc., Credit Suisse Group AG and JPMorgan Chase & Co. will lead the offering, United’s filing shows. Morgan Stanley, which had been hired to lead the sale in Singapore, isn’t listed as an underwriter in the filing for the U.S. offering. Singapore’s benchmark stock index, the Straits Times Index, has fallen about 8 percent since Aug. 1, when United was contemplating an IPO in the city state.

Banks pitched the idea of a U.S. sale to the Glazer family, the club’s U.S. owners, one person said. The Glazer family bought United in 2005 for 790 million pounds ($1.24 billion) and also owns the National Football League’s Tampa Bay Buccaneers.

United, whose players include England’s striker Wayne Rooney and Welshman Ryan Giggs, has 659 million followers, making it the world’s most popular club, United said in May, citing a study by market research company Kantar. Its supporters have doubled in five years, helped by 108 million fans in China, where the team plans to play two exhibition matches this summer.

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Tuesday, 03 Jul 2012 05:59 PM
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