Man U hoping to raise $383m by selling 19.1m shares in NYSE float
London, July 31(ANI): Premier League giants Manchester United is looking to raise up 383 million pounds on the New York Stock Exchange, as the club is planning to sell up to 19.1 million shares for as much as 20 dollars each, it was disclosed tonight in a filing with U.S. regulators.
The flotation, which has been expected to happen in Singapore earlier this year, could value the most successful English club of the modern era at close to three billion dollars.Investors are likely to scan the mounting competition that United now faces for the most rewarding trophies from Premier League rivals Manchester City and Chelsea, The Telegraph reports.
The Glazer family, which acquired the club for 790 million pounds in 2005, will keep control of all the major decisions.
Details of the initial public offering came as the club finalized a record seven-year shirt sponsorship deal with US carmaker General Motors estimated to be worth 28 million pounds a year or almost 200 million pounds over its lifetime. (ANI)
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