Update: Manchester United Seeks Singapore IPO

It was a month ago we saw the first reports from London that the Glazers may take Manchester United public on the Hong Kong Stock Exchange, and today the Wall Street Journal reports the rumor was true...except the IPO will be in Singapore:

U.K. soccer club Manchester United Ltd. is planning to raise around $1 billion from a Singapore initial public offering in the fourth quarter, people familiar with the situation said Tuesday, in the latest foreign listing to tap Asia's funding markets.
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The club, which was once listed on the London Stock Exchange as Manchester United PLC, had initial planned to list in Hong Kong, but changed its mind and has now picked Singapore as a listing venue, the people said.

Singapore has been pushing to position itself as one of the preferred destinations for foreign listings in a bid to compete with Hong Kong, which this year has seen companies such as commodities giant Glencore International AG raise $10 billion ahead of London and Hong Kong listings in May, and Prada SpA, which raised $2.15 billion in June.
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Manchester United was delisted in 2005 after U.S. investor Malcolm Glazer bought the club.

Forbes this year ranked Manchester United as the world's most valuable football team in 2011, valuing the club at $1.86 billion. The club is one of U.K.'s most successful, having been crowned English league champions 19 times and European champions three times in its 133-year history.

Last week, reports indicated the Glazers, who also own the Tampa Bay Buccaneers, would sell off between 15 and 25 percent of the club in its IPO, but a $1 billion offering would appear to be more than a quarter of the club's value.