Man Utd IPO tanks on NYSE
In a bid to recuperate some of the Manchester based club’s substantial debts brought about by its current owners. The club chose the NYSE as their best option in selling 10% to the public. This was in the hope of raising at least $600million But alas traders only managed to attain close to $300million. Still leaving the club valued at a mammoth $2.29 billion and cementing its place as the world most valued sports club/organization.
The family initially claimed all the proceeds would go to pay down debt, according to Fox Sports But only about half of the money raised in the IPO is going to reduce debt. The other half goes into the deep pockets of the Glazer family.
Earlier this year Manchester United initially planned to have a $1 billion offering in Singapore. It ditched those plans for a U.S. offering on the New York Stock Exchange.
Man Utd picks NYSE for US Public Offering – BRSLifestyle