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Manchester United files for $100 mn IPO in US
indiantelevision.com Team
MUMBAI: After calling off its $1 billion initial public offering (IPO) in Singapore due to volatile market conditions, well-known English Premier League (EPL) club Manchester United has filed for a $100 million IPO with the US Securities and Exchange Commission (SEC).
It will become the first UK soccer club to go public in the US in more than a decade. The club was listed on the London Stock Exchange (LSE) from 1991 until June 2005.
The club, which is owned by American Glazer family, said it will issue Class A and Class B, with the latter controlling most of the voting rights. The club did not specify the launch date, stock symbol, price range or size of the IPO.
Manchester United said they intend to use all the net proceeds of the issue to reduce debt, which stands at $664 million higher than the $520 million revenue it earned last year.
"Our indebtedness could adversely affect our financial health and competitive position and reduce the availability of our cash flow to fund the hiring and retention of players and coaching staff," Manchester United said in its filing.
The team would become a wholly owned subsidiary of Manchester United Ltd, a newly formed holding company based in the Cayman Islands.
"In the Premier League, recent investment from wealthy team owners has led to teams with deep financial backing that are able to acquire top players and coaching staff, which could result in improved performance from those teams in domestic and European competitions,? the Manchester United filing said.
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