Manchester United could soon be a publicly traded commodity on the New York Stock Exchange after the team filed paperwork with the Securities and Exchange Commission to begin the process of an initial public offering, according to an Associated Press report. The price and the number of shares to be made available are not known yet:
Manchester United To Be Publicly Traded On New York Stock Exchange
Manchester United has filed paperwork with the Securities and Exchange Commission to be publicly traded on the NYSE.
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While the stock price and the number of shares were not listed, the registration statement said the club hoped to raise a maximum of $100 million - a place-holding figure that could change before the offering becomes effective.
“We intend to use all of our net proceeds from this offering to reduce our indebtedness,” the team’s filing said.
The Glazer family bought the team in 2005 and would retain control through Class B shares, which give them greater voting power than those accorded to public shares.
This move, according to the paperwork, is to help the team keep its players and coaches, as well as bring in new ones. UEFA spending rules could impact the club if it is unable to at least break even financially, penalizing it through non-participation in other events.
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