July 3, 2012
Manchester United files for IPO
Manchester United plans to go back on the public market. The team's parent company filed a registration with U.S. Securities and Exchange Commission for a proposed public offering. The team hopes to raise $100 million from the offering.
Though considered the most valuable and among the wealthiest sports teams in the world, Manchester United has been saddled with debts resulting from the $1.47 billion purchase of the team by Tampa Bay Buccaneers owner Malcom Glazer and his family in 2005. The proceeds from the public sale, which would only be for a small portion of the club, is expected to be used to pay down some of its $633 million in debts. The team was previously listed on the London Stock Exchange, but went private when the Glazers took over.
The club would become a subsidiary of a Cayman Island based holding company, Manchester United Ltd.
The number of Class A Ordinary Shares to be offered and the price range for the proposed offering have not yet been determined.