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Report: Man United preparing IPO in U.S.
SINGAPORE - Manchester United, owned by the Malcolm Glazer family, has ditched its plans for an Asian stock market flotation and is preparing to list in the United States, according to Reuters, citing sources with knowledge of the deal. After first eyeing a Hong Kong IPO, Manchester United had planned a $1 billion listing in Singapore in the second half of last year before putting plans on hold because of market turmoil. The Glazers also own the NFL's Tampa Bay Buccaneers. United, which has been English league champions a record 19 times, declined to comment.The U.S. listing would come either on the New York Stock Exchange or its electronic rival Nasdaq, Reuters reported. The Glazers, who also own First Allied Corp, which owns and leases shopping centers, have faced opposition from United fans since taking over the club in 2005 in a leveraged buyout that left it saddled with hefty debt repayments. Adding to fans' unease, United lost its Premier League title to local rivals Manchester City last month, a club bankrolled by Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi's ruling family. Read the Reuters report here.
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