Manchester United - Biz, Financial news 'n rumors

[fredrian.seven]

Isu IPO makin panas setelah ada kabar terbaru klo hasil IPO tidak sepenuhnya buat bayar utang. Ada spekulasi atau mungkin pertanyaan apakah Fergie dapet cipratan dari IPO ini. Bingung... bukannya ke titik cerah tapi makin suram.

[Redsbusby]

Gila di twitter bnyak yg mulai nganggep Fergie terlalu nurut ama Glazers.. musim ini konon bakal tambah banyak demo LUHG...

Mereka mengakui Ferguson udah ngasih segalanya, dan tp dgn komentar dukungannya ke Glazers beberapa waktu lalu hingga IPO yg ternyata hanya memihak Glazers, banyak yg bilang bahwa ini nimbulin polemik, dan hanya bisa diselesaikan dengan 2 hal : Lengser dan Kematian. Ferguson lengser diikuti kematian... whew

([at]Andersred : One way to stop this polemic. Death. Ferguson sacked followed by death.)

[Sir Alsep Ferguson]

klo gw ada duit nih....
gw pasti akan beli tuh sahamnya....

tapi glazer licik juga ya dengan penjualan saham seperti itu
pengen dapetin duit cepet....tapi gak mau ngasih beberapa bagian yg dia punya....

gw sih terus terang gak tau soal dampak adanya glazer di United.
karena selama ini memang kayaknya gak ada perubahan dari segi transfer maupun prestasi sebelum atau sesudah era glazer....

[zudomiriku]

Manchester United launch New York Stock Exchange listing

• Shares expected to start between $16 and $20
• Prospectus indicates half money will go to Glazer family



The Glazer family have issued a notice of intent to sell just over 10% of Manchester United on the New York Stock Exchange.

An announcement was made on Monday night and confirms an intention to raise around $300m (£190m), with shares set to start between $16 and $20.

However, there does appear to have been a significant shift in how the proceeds will be used. Previously it was suggested that the entire sum would be used to pay off United's massive debt, which currently stands at more than £400m.

However, the prospectus that has been released to accompany the announcement indicates only half the money will be used in that way, with the rest going directly to the family.

If that proves to be the case it will provoke fury among the United support, who have already seen vast amounts of cash disappear in various charges following the Glazer family takeover in 2005.

http://bleacherreport.com/tb/d86FK?utm_source=newsletter&utm_medium=newsletter&utm_campaign=world-football

[zudomiriku]

Manchester United IPO - Q&A



What is an IPO?

An Initial Public Offering (IPO) is when a private company becomes a public one by selling shares for the first time.

Why do Manchester United need one? Aren't they rolling in money?

Yes and no. United have announced a seven-year sponsorship deal with Chevrolet, described as being worth £200 million, and beginning in the 2014-15 season, which is the most lucrative in football. They already have a portfolio of sponsors and commercial partners. In the 2010-11 year, they received £31.3 million from their kit manufacturers Nike and have a minimum guaranteed annual income of £25.6 million from them. United's annual commercial income grew from £66 million to £103 million between 2009 and 2011. Broadcasting income rose by around 20% in that time, United's total income for the 2010-11 year was £331.4 million and their adjusted EBITDA - essentially their profit before interest, taxes, depreciation and amortisation are factored in - was £109.7 million. In their IPO prospectus, United say they have "an ability to monetize our brand."

However, United expect their income to decrease by as much as 5% to £315-320 million for the 2011-12 year, while expenses are likely to rise by 4-5%. Moreover, "our net finance costs", as United described them - essentially money spent repaying debts incurred by the Glazer family to finance their 2005 takeover of the club - is expected to be £49-50 million. Finance costs were £51.2 million in 2010-11, £108.5 million in 2009-10 and £117.4 million in 2008-09.

In addition, "as of June 30, 2012, we had approximately £70 million of cash and cash equivalents and approximately £437 million of borrowings outstanding," United reported. In other words, "one of the most popular and successful sports teams in the world," as United describe themselves, owe £437 million. So they need money. Why they need it now, however, has not been fully explained.

So how many shares are they selling and at what price?

United are selling 10% of shares in the club. They are selling 19,166,167 shares at a proposed maximum price of $20 each. If every share sells at its maximum price, that would bring in $383,333,340, or around £244 million, which would make United the most valuable sports club in the world. United say in their prospectus for the IPO that they expect the minimum price per share to be $16. If every share sold at that price, they would raise $306, 665, 872. However, they will incur expenses of $12 million in the IPO. So how much is United worth?

The Glazers bought United in 2005 for just under £800 million. In March, Forbes valued United at $2.24 billion. Depending on the share price after the IPO, however, the club could be valued at $3 billion, potentially even more. Forbes say this could add around $200 million to the worth of the Glazer family, currently around $2.7 billion.

When will this happen?

As early as next week. Friday, August 10 is when United shares could be on sale at the New York Stock Exchange.

Why New York?

The New York stock exchange permits a voting structure whereby some shares carry greater voting powers, of which more later. The London stock exchange does not.

This isn't the first time United have gone to the stock market, is it?

No. The club was on the stock exchange from 1990 until 2005 when the Glazers completed their buyout and took them off the market. Last year, United planned to list the club on the Singapore stock exchange to raise money before deciding against it during a time of stock market volatility.

But aren't stock markets still volatile, so isn't this still risky?

Yes, markets have a tendency to go up and down quickly and, given global economic turmoil, are likely to remain unstable for the foreseeable future. But United's IPO is a bond issue that been underwritten by Jeffries Co., Credit Suisse Securities, J.P. Morgan, BofA Merrill Lynch and Deutsche Bank Securities, so there is less risk attached than when other companies go public. Think of it as an executive insurance policy.

What about private investors? Is United a risky investment for them?

"Investing in our Class A ordinary shares involves a high degree of risk," United say in their IPO prospectus. There are several warnings to investors: of potential damage to the brand and that "our business is dependent upon our ability to attract and retain key personnel, including players." Key personnel obviously also include a manager in his 71st year, Sir Alex Ferguson, while United have lost crucial players - principally Cristiano Ronaldo - in the recent past and Wayne Rooney was unsettled in October 2010. United also say that: "We are dependent upon the performance and popularity of our first team." In particular, revenue from Europe is not guaranteed. In the 2010-11 year, 39.8% of their broadcasting revenue came from the Champions League. But they reached the final that year and last season, when they were eliminated in the group stages and dropped into the Europa League, will prove less lucrative. Fail to qualify for the Champions League at all and revenue would drop further. As United warn "European competitions cannot be relied upon as a source of income." Matchday revenue, which was £110.8 million for the 2010-11 season, is also expected to be lower for the 2011-12 campaign, when Old Trafford staged four fewer games.

However, the new Premier League television deal, worth £3 billion over three years for UK rights alone, will begin next year, so there is one guarantee of an increase in income. Citing a survey by Kantar Media, United say they have 659 million followers and that their games are watched by an average of 49 million people. They sell more than five million branded and licensed United products and their Facebook page has more than 26 million connections (in comparison, the New York Yankees' page has 5.9 million).

If United are on the stock market, will that make them more transparent?

Not really. United are registered in the Cayman Islands and are designated "an emerging growth company" under US federal securities law, which entails "reduced public company reporting requirements". Those reporting restrictions last five years.

Could fans who oppose the Glazers buy the shares and use them to get rid of the owners?

Not unless the Glazers sell a lot more shares, particularly ones with greater voting power. The Glazers are putting up 8,333,333 Class A shares. In addition, the underwriters have a 30-day option to buy a further 2,500,000 shares if there is a high demand. However, if they don't, there are still a further 39,685,700 Class A shares and 124,000,000 Class B shares in the hands of the Glazers - in other words, a vast majority of 90%. Plus Class A shares carry one vote per share and Class B shares 10 votes per share so, in terms of voting rights, the public investors will have 1.3% and the Red Football LLC - a holding company for the Glazers - 98.7%. In addition, United say "Our principal shareholder will have the ability to determine the outcome of all matters submitted to our shareholders for approval, including the election and removal of directors and any merger, consolidation, or sale of all or substantially all of our assets." So the Glazers do not just have the final say, they determine what the conversation is about.

Could it actually be harder to get rid of the Glazers?

Yes. "Anti-takeover provisions in our organizational documents and Cayman Islands law may discourage or prevent a change of control, even if an acquisition would be beneficial to our shareholders, which could depress the price of our shares and prevent attempts by our shareholders to replace or remove our current management," United state in the prospectus. This is a change in their constitution and, in addition, it allows the Glazers to issue more shares - which would dilute the holding of anyone else who buys them now.

So why buy shares?

Apart from those with an affiliation to United, the same reasons people buy shares in Apple, Facebook or any other company: because they believe it will appreciate in value and be a worthwhile investment in the short or long term.

But if United raise all this money, will their debt be reduced?

"We intend to use all of our net proceeds from this offering to reduce our indebtedness by... $116.8 million (£73.0 million)," United state.

That is what the fans want, isn't it? And what about the rest? Will Sir Alex Ferguson have a huge transfer kitty?

The fans want reduced debt, yes, partly because debt, and its repayments, is eating up United's profit (they have an adjusted EBITDA of £305.1 million for the last three financial years when full figures are available, but net finance costs of £277.1 million in the same time). But the Glazers had indicated they would use all the funds raised from a flotation to reduce the debt.

Now, however, the proceeds of the sales of 16,000,000 Class A shares have been reserved for an "equity incentive award plan". United said in the prospectus: "The principal purpose of the Equity Plan will be to attract, retain and motivate selected employees, consultants and non-employee directors through the granting of share-based and cash-based compensation awards."

How much is it worth? And does Ferguson gain?

Depending upon the share price, it could be worth up to $320m (£204m). No one is specified by either name or job title. However, it is a logical assumption that Ferguson and chief executive David Gill would be among the major beneficiaries.

What have United had to say about this?

"Under the regulations of the SEC [Securities and Exchange Commission], we are not permitted to disclose the contents of the document," a club spokesman told the Guardian.

What has Ferguson had to say about it?

Nothing in the last few days, but last month he said: "They [the Glazers] have always been as sensible as they can be in terms of financing the club. They have to invest in the team to maintain the value of their asset. I think there are a whole lot of factions at United that think they own the club. They will always be contentious about whoever owns the club and that's the way it has always been.

"When the Glazers took over here there was dissatisfaction, so there have always been pockets of supporters who have their views. But I think the majority of real fans will look at it realistically and say it's not affecting the team. We've won four championships since they've been there and one European Cup."

Why does Ferguson argue the Glazers have been good for United?

In terms of silverware, their seven-year ownership has been one of the most successful spells in the club's history with four Premier League titles and three Champions League finals, one of them ending in victory. Ferguson argues that hands-off owners give him the freedom to do his job as he wishes.

"I am comfortable with the Glazers. They have been great," he said last month. "They have always backed me whenever I have asked them. I have never faced any opposition."

And why do some supporters argue they have been bad for the club?

Principally because around £550 million has gone out of a previously debt-free club in the past seven years to service debt, pay interest and bank and loan fees.

What is their attitude towards Ferguson?

"We now know why Sir Alex was quite so in favour of the Glazer family," said Andy Green, the United supporter and football finance expert who runs the andersred blog, referring to the share scheme. "I think he is risking tarnishing some of his legacy, which is a great shame because he is the greatest manager probably in English football history. But his association with all this skullduggery is sad."

And what is their view of the IPO?

"It is barely going to scratch the surface of the debt," Green said. "It won't help at all. It is a wasted opportunity. They should have floated a larger element of the club. They should have given one vote per share and they should have let the fans take part. When you work through all the numbers, it will reduce the debt from around £425 to £350 million. It will save around £5 million a year in interest. That is barely enough to buy a new trainee for the academy."

Duncan Drasdo, chief executive of the Manchester United Supporters Trust, said: "There is now no doubt that this IPO is bad for Manchester United supporters, Manchester United Football Club and any investors gullible enough to pay the inflated price they've attached to inferior shares which have just 1/10 of the voting rights of the Glazers shares and no dividends. Their bare-faced cheek is almost unbelievable."

What do industry experts say?

"The valuation looks very overextended," said Josef Schuster of Chicago investment firm Ipox Schuster. Green also argued that the Glazers have overvalued the club. "It's an extraordinary valuation and I think they may well struggle," he told Sky News. "Most savvy investors will be wary of this offer."

http://bleacherreport.com/tb/d87bW?utm_source=newsletter&utm_medium=newsletter&utm_campaign=world-football

[rondwisan]

Man Utd 'overvalued' - expert
ESPNSoccernet, Richard Jolly - August 1, 2012



A leading football finance expert has said that Manchester United are overvalued and believes that their forthcoming IPO will prove the prelude to the sale of the club.


United's owners, the Glazer family, will make 10% of shares available on the New York Stock Exchange next Friday and should raise at least $300 million which would make the club's total value over $3 billion.

"If you look at the current exchange rate, you get about £2 billion. They were talking about £1.8 billion a year ago, which is way too high," said David Bick, chairman of Square1 consulting. "I just don't get the valuation. I don't get why major banks [as underwriters] have put their name behind it."

United plan to use some of the proceeds to repay around £75 million of their debts, which currently stand at £437 million. But Bick said: "It is barely 20% of the debt. It is the bare minimum. I think that this float is just the prelude to them getting a market price and selling the club."

Selling a limited amount of shares can produce a higher value, he explained. "It is easier to float 10% of the shares for an inflated price than half a company," he said.

With global financial markets experiencing difficult times and Britain in a double-dip recession, Bick questioned the motives and the timing of the Glazers.

"The thing that doesn't make sense is doing it in these market conditions," he said. "You would be more inclined to wait for a year or two. The timing strikes me as odd particularly in market terms. They [the Glazers] may need the money."

While 10% of shares in the club are for sale, the Glazers will retain 98.7% of voting rights, because shares are split between Class A shares, which carry one vote per share and Class B shares, which have 10 votes per share.

It is a reason why the club is being floated in the United States, rather than the United Kingdom, and Bick said it would deter potential investors.

"You would never get it in London and I am kind of surprised they would have it in the US with A Shares and B shares," he added. "Most London institutions would not touch that with a bargepole. I can't remember the last time there was some kind of double voting structure on the London market."

[rondwisan]

09/08/2012 13:23 - ManUtd.com, Communications Department
Credit card for Norway Reds



Manchester United has announced a new partnership with Santander Consumer Bank.

The football club's five-year partnership with Santander Consumer Bank started with the launch of the official Manchester United Credit Card in Norway on 3 August. Santander Consumer Bank is the Norwegian unit of the consumer finance division of Santander, one of the largest financial groups in the world.

With Norway’s official Manchester United Supporters’ Club having more members than any other official club around the globe, the country is the ideal location to launch the first dual Manchester United credit card in Scandinavia.

As well as the credit card facilities provided by Santander Consumer Bank, fans who subscribe to the credit card will also receive an array of exclusive benefits known as ‘Red Rewards.’ Simply by using the Manchester United Credit Card, fans can take advantage of a range of club discounts, including ten per cent off purchases in the Old Trafford and online Megastore, ten per cent off when dining at the Red Café, plus twenty per cent off museum and stadium tours. In addition fans have access to a ticket hotline to help them check ticket availability and to purchase tickets for home matches.

As an added incentive to apply for a card, there will also be a range of competitions and prize draws that will offer fans the chance to win once-in-a-lifetime trips to Old Trafford and the club’s Carrington training ground, as well as an array of signed shirts and memorabilia.

Richard Arnold, Commercial Director for Manchester United, comments: "Like Manchester United, Santander is a global organisation with a global audience – with almost 102 million customers and over 15,000 branches worldwide. It is a brand that is instantly recognisable and our fans can trust in its experience in providing competitive banking facilities.

"With over 600,000 Norwegian followers and the Scandinavian supporters club being the largest anywhere in the world with some 45,000 members, we are excited to be able to offer these fans the official Manchester United Credit Card from Santander Consumer Bank. This is the only official credit card offering ‘Red Rewards’ to our fans in Norway, demonstrating our appreciation and recognition of the club’s ever growing fan base."

Nina Nordby, Product/Marketing Director in Santander Consumer Bank's Card division, comments: "We are delighted to work with such a superior club and fans here in Norway. The card programme has been developed in partnership with Manchester United and its local supporters club. Our goal is to connect supporters closer to their club. The advantages of the card include benefits not available with other cards or supporters who do not have a Manchester United Visa card. We hope this will be the Manchester United supporters' card of choice."

[Redsbusby]

Setelah jepang sekarang norway..
Untuk urusan kartu kredit gencar banget ngadain kerjasama... danamon jg yg digede2in kreditnya untuk konsumen kelas atas

[Zulfan]

Bola.net - Pemilik Manchester
United, keluarga Glazer diyakini
mengantongi sekitar £75 juta
saat saham klub dilepas perdana
untuk publik pertama kali dalam
tujuh tahun.
Sejumlah 16,6 juta saham, atau
setara 10 persen klub,
diluncurkan di bursa saham New
York. Klub berusia 134 tahun itu
menawarkan sahamnya senilai
USD 14, namun ada pergerakan
kecil di awal penjualan. Harga
tersebut lebih rendah dari harga
semula yakni USD 16 hingga USD
20.
Harga yang lebih rendah tersebut
disebabkan keluarga Glazer
sebelumnya gagal mendapatkan
dukungan yang cukup untuk
menjual saham klub di bursa
saham Hong Kong dan Singapura.
Penjualan saham tersebut akan
menghasilkan dana sekitar 150
juta poundsterling di mana
separuhnya jadi milik keluarga
Glazer. Sementara sisanya akan
digunakan untuk membayar beban
utang klub yang mencapai 423
juta poundsterling.
Meski rencana penjualan saham
tersebut sudah lama
didengungkan, dan keluarga
Glazer awalnya mengklaim semua
hasil penjualan saham akan
digunakan untuk membayar utang
United, tetap saja fans tak
menyetujui kebijakan itu.
Awal bulan ini, fans United yang
tergabung dalam Manchester
United Supporters Trust (MUST)
sudah menyerukan boikot untuk
semua sponsor United. Itu demi
mengirim pesan pada keluarga
Glazer dan para sponsor jika
brand United tak ada artinya
tanpa dukungan dan kekuatan
pembelian suporter.
Namun CEO United, David Gill
bersikeras kedatangan keluarga
Glazer dan membengkaknya
utang klub tak berpengaruh pada
sukses Setan Merah di lapangan
hijau. Bahkan ia menyebut rekor
kesepakatan sponsor dengan
Chevrolet baru-baru ini sudah
menegaskan hal itu.
"Level utang yang dipunyai klub
sejak mereka datang (di tahun
2005) tak berpengaruh pada apa
yang kami lakukan sebagai tim.
Kami sudah memenangi empat
gelar Liga Premier, masuk final
Liga Champions tiga kali dan
sukses kami masih berlanjut di
lapangan," tegasnya pada Sky
Sports News. (espn/row)

[Andi Istiabudi]

Originally Posted by Zulfan

Bola.net - Pemilik Manchester
United, keluarga Glazer diyakini
mengantongi sekitar £75 juta
saat saham klub dilepas perdana
untuk publik pertama kali dalam
tujuh tahun.
Sejumlah 16,6 juta saham, atau
setara 10 persen klub,
diluncurkan di bursa saham New
York. Klub berusia 134 tahun itu
menawarkan sahamnya senilai
USD 14, namun ada pergerakan
kecil di awal penjualan. Harga
tersebut lebih rendah dari harga
semula yakni USD 16 hingga USD
20.
Harga yang lebih rendah tersebut
disebabkan keluarga Glazer
sebelumnya gagal mendapatkan
dukungan yang cukup untuk
menjual saham klub di bursa
saham Hong Kong dan Singapura.
Penjualan saham tersebut akan
menghasilkan dana sekitar 150
juta poundsterling di mana
separuhnya jadi milik keluarga
Glazer. Sementara sisanya akan
digunakan untuk membayar beban
utang klub yang mencapai 423
juta poundsterling.
Meski rencana penjualan saham
tersebut sudah lama
didengungkan, dan keluarga
Glazer awalnya mengklaim semua
hasil penjualan saham akan
digunakan untuk membayar utang
United, tetap saja fans tak
menyetujui kebijakan itu.
Awal bulan ini, fans United yang
tergabung dalam Manchester
United Supporters Trust (MUST)
sudah menyerukan boikot untuk
semua sponsor United. Itu demi
mengirim pesan pada keluarga
Glazer dan para sponsor jika
brand United tak ada artinya
tanpa dukungan dan kekuatan
pembelian suporter.
Namun CEO United, David Gill
bersikeras kedatangan keluarga
Glazer dan membengkaknya
utang klub tak berpengaruh pada
sukses Setan Merah di lapangan
hijau. Bahkan ia menyebut rekor
kesepakatan sponsor dengan
Chevrolet baru-baru ini sudah
menegaskan hal itu.
"Level utang yang dipunyai klub
sejak mereka datang (di tahun
2005) tak berpengaruh pada apa
yang kami lakukan sebagai tim.
Kami sudah memenangi empat
gelar Liga Premier, masuk final
Liga Champions tiga kali dan
sukses kami masih berlanjut di
lapangan," tegasnya pada Sky
Sports News. (espn/row)

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