HESTER United remains on track for a Friday listing in New York, with the club’s initial public offering (IPO) appearing to have inspired sufficient demand to sell the new 16.7m class A shares.
The shares, different from those held by the owners, will carry only one tenth of the voting rights and will not yield dividends – a move that led some analysts to question whether the IPO would get off the ground.
Yet despite having to scrap its plans for an IPO in Singapore earlier in the year, the club is now expected to fetch the targeted $16-$20 price in New York, according to Bloomberg, while other reports say that the roadshow has progressed better than expected.
The Glazers hope the float will counter debt repayments. The club was left shouldering nearly £800m in debt after the Glazers’ 2005 takeover. The family will also receive funds from the share sales, passing on a portion to senior United staffers. Angry fans have sent more than 1m emails of complaint to the club’s sponsors and banks.