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.
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