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Manchester United lists on US stock market

Manchester United has made an application to list on the US stock market in a share sale aiming to raise $100 million.

The Premier League club filed the documents with the Securities and Exchange Commission, it outlined plans to list on the New York Stock Exchange.

The money raised from the listing will be used to repay the clubs debts of £423 million.

In the prospectus filed to the SEC, the Club said: “We intend to use all of our net proceeds from this offering to reduce our indebtedness.”

The club has been owned by the Glazer family since 2005, who borrowed large sums to buy the club and incurring massive debts in the process.

The owners converted these loans into a bond in 2010 to reduce interest, but analysts said that this demonstrates how the club is weighed down by heavy debts, despite marketing efforts and global appeal.

Two categories of shares will be listed to ensure that the Glazer family will remain in control of the club.

Manchester United has previously explored the possibility of a $1 billion flotation on the Singapore stock market, receiving approval in September 2011. However, the process was delayed due to stock market volatility.

This was posted in Bdaily's Members' News section by Ruth Mitchell .