MANCHESTER United last night filed documents for an initial public offering (IPO) of shares to be listed on the New York Stock Exchange.
The size of the offering has initially been listed at $100m yet analysts expect that the figure could change significantly, with the price and quantity of shares yet to be decided.
The club also revealed that it will become part of a holding company based in the Cayman Islands, a move likely to provoke more anger among fans disgruntled with the controversial Glazer family owners.
Documents filed with the Securities and Exchange Commission (SEC) in the US show the company is issuing shares to help cope with its £423.3m debts.
Underwriting the IPO will be Jefferies, Credit Suisse, JP Morgan, Deutsche Bank and Bank of America Merrill Lynch.
“Our indebtedness could aversely affect our health and competitive position,” the filing states, adding: “We intend to use all of our net proceeds from this offering to reduce our indebtedness.”
New Class A shares will be issued by the IPO, which will only carry one vote per share. The remaining Class B shares, owned entirely by the Glazers, will carry ten votes per share.
Duncan Drasdo of the Manchester United Supporters’ Trust told City A.M. that without fair voting rights, the share issue is “just a debt instrument” that won’t allow the Glazers to be held to account.