VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Manchester United Plan IPO Road Show

Thu 26th Jul 2012 | Clubs Ownership

Manchester United’s decision to delay its proposed Initial Public Offering (IPO) may be due to a rumoured marketing road show planned to raise interest.

The Premier League club’s owners, the Glazer family, had planned to launch the IPO earlier this week but the decision to delay the offering has been attributed to market conditions.

But according to Reuters, sources close to United have said they may now be about to launch a marketing road show to raise interest in the £193m US IPO either on Friday or early next week.

Falls in the Standard & Poor 500 stock market index on Wednesday amid worries about the European debt crisis and earnings, and market volatility has already led to at least one delay.

MUST Chief Executive, Duncan Drasdo, who has been heavily critical of the Glazers’ IPO attempts said: "The Glazers have been forced to pull the New York flotation of Manchester United due to lack of interest at the valuation they were placing on the club.

“That combined with the unattractive dual class share structure meant they couldn't find support in the market at the price they wanted. We expect they will blame market conditions although there's been little change in markets since they filed with the SEC.”

Their attempts to take the club public have run into trouble before when they scrapped plans to list in Hong Kong and Singapore after demand came in weaker than expected. It had originally looked to raise as much as $1 billion in Singapore.

The IPO offering of a dual-class share structure is thought to be the main stumbling block. The Glazers will remain in control of the club with their shares thought to have 10 times the voting power of average investors' shares.

"We now call on the Glazers to come back with a full flotation of Manchester United with a single class of full voting shares,” Drasdo added. “Should they choose to do this, with no strings attached, we would support such a flotation wholeheartedly and encourage the global fan base of Manchester United to seize such an historic opportunity to secure a meaningful fan ownership stake where the priorities of the club are the same as the fans - not absentee owners.”

The company is slated to be listed on the New York Stock Exchange under the ticker "MANU."

Posted by: Aaron Gourley

---------------------------------------------------------------------------------------------------

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Portsmouth Enter Possible Takeover Talks

Thu 23rd Mar 2017 | Clubs Ownership

Portsmouth Football Club has confirmed it’s in talks regarding a potential takeover. In a statement released by the club, they said: “Portsmouth Community Football Club would like to...

Walker Morris Advise On Leeds United Sale

Thu 5th Jan 2017 | Clubs Ownership

Specialist Sports Law Team at Walker Morris reinforces its national reputation for football club acquisitions/sales with the latest sale of Leeds United FC. Specialist sports lawyers at Walker Morris...

Aser Group Holding Acquires 50% Of Leeds United

Wed 4th Jan 2017 | Clubs Ownership

Aser Group Holding has completed its investment in Leeds United Football Club today. Leeds United Football Club has confirmed Aser Group Holding, through its acquisition vehicle Greenfield Investment...

Notts County Sold To Local Businessman

Mon 19th Dec 2016 | Clubs Ownership

Notts County owner Ray Trew has confirmed the sale of the club after reaching an agreement with local businessman Alan Hardy. Having held discussions with a number of prospective buyers in recent...