Sunday, August 12, 2012

Glazers' IPO Flat but Family Still Richer

The Wall St. Journal called it"the equivalent of the game that ends in a goal-less draw."

Manchester United's IPO on the NYSE failed to excite...but it also failed to fail...which is a good thing if your last name is Glazer.

The shares of ManU, which came with virtually no voting power or expected short-term dividends, sold for $14 each. That valued the club, according to the AP, at $2.3 billion, "slightly higher than the record $2 billion paid for the Los Angeles Dodgers baseball team earlier this year."

It also meant the Glazers made about $110 million on the sale.

All-in-all, it has to be considered a successful day given how much power the family retained over the team and given the initial concerns about the IPO. And if any of the stockholders are unhappy, there's still the prospect of selling a whole bunch of new jerseys in Jamaica.

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