Confirmation that Manchester United has applied to list on the Singapore Stock Exchange (SGX) before the end of 2011 means that ordinary supporters be able to own part of the club for the first time since 2005. The planned partial IPO was confirmed on Thursday when a preliminary application was made to SGX, reports Reuters:
English Premier League soccer champions Manchester United have filed a preliminary application with the Singapore Exchange for a planned listing, a source with direct knowledge of the deal said on Thursday.
The club, which sources have said hopes to raise as much as $1 billion from an initial public offering (IPO) by the end of the year, has appointed Credit Suisse as the global coordinator of the deal, the source said.
A second source said the owning Glazer family plan to use some of the funds raised from the offering to reduce the club’s huge debt pile, a burden which has made the Americans deeply unpopular with many fans.
The club is yet to comment on reports. Indeed, it is not yet known whether the IPO will be restricted solely to institutional investors or whether ordinary fans will be able to invest.
But if fans can access the flotation it presents a huge opportunity for supporter-ownership at Old Trafford. The question is, if the IPO is open to you, will you invest and own part of your club?
Also worth reading:
- Asian IPO back on the agenda
- Glazers to pay down debt? Believe it when you see it
- Glazers’ dual track IPO gets green light
- Glazer IPO unlikely to offer fans major stake
- Glazers’ US IPO barely credible, let alone realistic