Man United edges closer to Singapore IPO
Morgan Stanley and JPMorgan Chase & Co are said to be helping to manage planned $1 billion Singapore float
By CFOWorld.co.uk | CFO UK | Published 10:30, 19 August 11
Manchester United Ltd has secured the help of Morgan Stanley and JPMorgan Chase & Co to manage its planned $1 billion (£606 million) float on the Singapore stock exchange, according to sources on Friday.
Credit Suisse AG have already been appointed as a global coordinator for the initial public offering by the English Premier League football champions, sources told Reuters.
A second source added that United's owners, the Glazer family, planned to use some of the funds raised from the offering to reduce the club's huge debt pile, a burden that has made the US family deeply unpopular with many fans.
No one from JPMorgan or Morgan Stanley in Hong Kong have confirmed the IPO appointments.
A Singapore listing will mark a second stock market incarnation for the club, which was listed on the LSE in 2005 before the Glazers took over.
Asia, a key region for many English football teams, has become an important growth area for United and is home to more than 190 million of its estimated 333 million fans.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
Working capital improvements start to pay off, but more could be donemore ..
Balfour board says the offer does not address its two main concernsmore ..
The FTSE100 housebuilder credits Help to Buy with encouraging growthmore ..
Price drops in clothing and food biggest contributor to fall in inflationmore ..
Outdated finance processes, systems and competencies leave too many questions unansweredmore ..
CFOs are keen for the chancellor to avoid any uncertaintymore ..