Wednesday, June 13, 2012

Glazers Bringing Man U to Amerca?

The world's most valuable sports franchise, Manchester United, will scrap its plans to go public on the stock markets of Asia and, instead, list in the U.S., according to Reuters:
After first eyeing a Hong Kong IPO, the former English soccer champions had planned a $1 billion listing in Singapore in the second half of last year before putting plans on hold because of market turmoil.

United, which has been English league champions a record 19 times and features players such as England's Wayne Rooney, declined to comment.

The U.S. listing would come either on the New York Stock Exchange or its electronic rival Nasdaq, which is under scrutiny after its systems bungled the debut of social media giant Facebook Inc last month, causing customer losses estimated of at least $100 million.
The club's American proprietors, the Glazer family, are well known in the United States as owners of American football team the Tampa Bay Buccaneers, as well as First Allied Corp, which owns and leases shopping centers.

However, they have faced opposition from United fans after taking over the club in 2005 in a leveraged buyout that left it saddled with hefty debt repayments.
The advantage of an American IPO would be the Glazers could sell non-voting shares and retain more control of the team.

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