Glazer may move Manchester United stock sale to U.S.
After a spate of initial public offerings were postponed or canceled across Asia, the popular British Premier League soccer club Manchester United may hold its IPO in the United States instead of Singapore, according to a report by the New York Times.
Manchester United Owner Malcolm Glazer also owns the Tampa Bay Buccaneers. Glazer had hoped to raise $1 billion in the Singapore IPO, according to the Times.
Unnamed sources told the Times of the possible IPO location switch. The club's bookrunner team includes Credit Suisse, JPMorgan Chase and Morgan Stanley, but that team is subject to change.
Last year, Manchester United reported $462 million in revenue, according to the consulting firm Deloitte. The soccer club still bears $685 million in debt related to Glazer's 2005 buyout of the team, reported the Times.
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