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Manchester United eyes $100m US IPO

by LLB Editor
4th Jul 12 1:16 pm

Manchester United has applied to be listed on the New York Stock Exchange and expects to raise $100m (£64m) in the IPO.

Last year the club considered a $1bn (£638m) flotation on the Singapore stock market but axed plans due to the turmoil in global financial markets.

The premier league football club is owned by billionaire US sports investors, the Glazer family, after they bought it for £790m in 2005.

The club said proceeds of the IPO will go towards repaying the £423m debt the club owes.

“We intend to use all of our net proceeds from this offering to reduce our indebtedness,” the prospectus said.

The club recorded a £15.6m profit in the nine months to 31 March compared with £11.8m in the same period the year before.

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