Manchester United announced plans Tuesday to list on the NewYork Stock Exchange, an attempt to reduce debt and increase itsability to compete with wealthier owners in European football.The record 19-time English champions hope to raise a maximum of$100 million, according to a filing with the Securities andExchange Commission, although that figure could change before theinitial public offering becomes effective.United has been looking to raise funds to help reduce debt fromthe 2005 takeover that was worth 423 million pounds ($663 million)as of March 31, having previously scrapped plans to sell shares onthe Singapore stock market.United has given no details of the stock price in New York orthe number of shares that will be listed, but said that it does notintend to pay dividends to shareholders.”We intend to use all of our net proceeds from this offering toreduce our indebtedness,” United’s filing with the U.S. governmentsaid.The Glazer family, which bought the club in 2005, would retaincontrol through Class B shares, which would have 10 times thevoting power of the stock sold to the public.Under the reorganization, the team would become a wholly ownedsubsidiary of Manchester United Ltd., a newly formed holdingcompany based in the Cayman Islands.The team was listed on the London… Read full this story
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