United float to reduce debt pile

MANCHESTER UNITED have applied for a listing on the Singapore Stock Exchange and are understood to be planning to use some of the proceeds to pay down the club’s debts of £515m.

United owners the Glazer family are thought to be preparing to sell off between 25 and 30 per cent of the Premier League champions in a share offering in the fourth quarter of this year.

The Glazers have been accused of piling crippling debts onto United, with annual interest payments of around £70m. They paid off £220m of costly payment-in-kind loans last year but have never disclosed where the funds for that move came from.