Glazers accelerate New York Stock Exchange flotation plans 'to avoid fans' fury'
23 July 2012 - dailymail
Manchester United have shifted forward plans to float on the New York Stock Exchange and could be listed as early as next week in an attempt to raise £64million to help reduce the club's huge debts.
The club will sell shares to Wall Street investors but the flotation would leave the Glazer family in charge: the billionaire investors bought the club in 2005 for £940million taking on debt of £423million.
United - valued by Forbes magazine at £1.43billion, making it the most valuable club in world football.
Documents were filed with the US government's Securities and Exchange Commission on July 3, thereby making public the planned Initial Public Offering (IPO)
The club aborted a move to float on the Singapore Stock Exchange last year and will now move to become a wholly-owned subsidiary of Manchester United Ltd, a holding company based in the Cayman Islands.
Duncan Drasdo, chief executive of the Manchester United Supporters’ Trust, told Manchester Evening News: 'We are surprised that the timetable has been accelerated and can only assume it is due to the absolute panning their proposals have taken in the financial press and they want to get the IPO away as quickly as possible now and certainly before the start of the season for fear of bad PR regarding fans’ reactions.
'The terms the Glazers are coming forward with are hugely disappointing. It's a massive missed opportunity simply so they can cling to power while inviting others to pay their debt.'
He added: 'Not only is this a high risk investment, especially for minority shareholders at the mercy of the Glazers who will be looking after their own interests first and foremost.
'Worse still they’ve already declared the shares will pay no dividends.'
___________________
Video youtube tentang IPO United, dapet dari redcafe