Man Utd could list as early as next week

 
City A.M. Reporter
MANCHESTER UNITED is expected to file for an initial public offering (IPO) in New York as early as next week for pricing in early August, after earlier attempts in Britain, Hong Kong and Singapore failed to reach expectations.

The club had originally aimed to proceed with the listing in early September, but has moved its plans forward, according to multiple sources close to the situation.

It is looking to raise $300m (£191.6m) on the IPO, less than the $500m previously contemplated.

The decision on timing and sizing is believed to still be open to change, depending on the regulatory review process.

Investment bank Jefferies is advising the club, which has a debt of £425m, from New York along with other banks Credit Suisse, JPMorgan Chase, Deutsche Bank and Bank of America.

The banks plan to benchmark the IPO not only against traditional media entities but iconic consumer-goods companies, in an effort to justify a potentially difficult valuation.

Manchester United, the best-supported club in the world, took the decision to cancel its plans for its $1bn IPO in Singapore last year following market turmoil. It is currently owned by the US-based Glazer family, which is keen to continue to own a controlling stake in the club.

A flotation on the New York Stock Exchange would enable the club to list with a dual-class share structure that would give the Glazers majority voting rights.

Manchester United and its advisers did not comment yesterday on the plans or the date of a listing.