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Manchester United aim to raise £210m on New York Stock Exchange
Jul 30, 2012 9:37:00 PM
The Red Devils' American owners the Glazers recently announced their intention to sell Class A and B shares and have now released full details of the listing
Manchester United have released full details of their initial public offering on the New York Stock Exchange, which they hope will raise up to $330m (£210m).The Red Devils announced their intention to float shares earlier this month in a bid to pay down the significant debt loaded onto the club as a product of the Glazer family's takeover in 2005.
The Americans bought the club for £790 million but, due to the loans used in order to make the purchase, are currently attempting to fight £423m worth of interest repayments.
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In documents filed with the US Securities and Exchange Commission, the club have stated they will release 16,666,667 shares in total - with 8,333,333 of those being ordinary Class A shares priced between $16.00 and $20.00 (£10-£12).
However, the Glazers intend to hold on to the remaining 8,333,334 Class B shares which ensure they retain 10 times as many voting rights on the club's board as those who hold Class A shares.
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