Manchester United aims to raise $330 million on New York Stock Exchange

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The Red Devils' American owners, the Glazers, recently announced their intention to sell Class A and B shares and have now released full details of the listing

By David Lynch

Friendly: Manchester United - Shanghai Shenhua
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Manchester United has released the final details of its initial public offering on the New York Stock Exchange which they hope will raise up to $330 million.

The Red Devils announced in documents filed with the US Securities and Exchange Commission their intention to float shares earlier this month in a bid to pay down the significant debt loaded onto the club as a product of the Glazer family's takeover in 2005.
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The Americans bought the club for 790 million pounds but, due to the loans used in order to make the purchase, are currently attempting to fight 423 million pounds worth of interest repayments.

The club isreleasing 16,666,667 shares in total, with 8,333,333 of those being ordinary Class A shares priced between $16.00 and $20.00.

However, the Glazers intend to hold on to the remaining 8,333,334 Class B shares which ensure they retain 10 times as many voting rights on the club's board as those who hold Class A shares.

 

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