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Report: Manchester United puts New York stock flotation plans on hold

Report: Manchester United puts New York stock flotation plans on hold

The Red Devils are believed to have temporarily postponed their financial plans amidst concerns that the U.S. markets are too unstable

Manchester United has reportedly halted its plans to float the club on the New York stock exchange, according to The Guardian.

The Manchester club has been attempting to list the company's shares for some time, and has contemplated other markets in the past.

Initially the plans were to float the club in the Far East, on the Hong Kong and Singapore exchanges, but that idea was thrown out due to market volatility.

The plans were therefore moved to the United States, to what was thought to be a more stable market, but recent slumps in world markets have led United to temporarily hold the idea.

With the club's debt currently residing at 423 million pounds, it was thought that the flotation would raise funds to try and reduce this debt, which fans of the club have been critical of since the Glazer family took over in 2005.

The club is currently in China, as part of its preseason preparations, having kicked off the tour in South Africa.

United beat Shanghai Shenua 1-0 on Wednesday with new signing Shinji Kagawa scoring the only goal of the game.

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