Skip to main content

Manchester United aims to raise $100M in U.S. share offering

By the CNN Wire Staff
updated 9:21 AM EDT, Wed July 4, 2012
STORY HIGHLIGHTS
  • The team belongs to the Glazer family, who also own the Tampa Bay Buccaneers
  • Manchester United has a powerful brand but also a high level of debt
  • The share offering is intended to pay off some of its debt, the club says

(CNN) -- The storied British soccer team Manchester United said Tuesday that it plans to raise about $100 million in an initial public offering of its shares in the United States.

News reports last year had linked the club, where the England star Wayne Rooney plays, with a possible listing in Singapore. But in a filing with the U.S. Securities and Exchange Commission published Tuesday, Manchester United said it aimed to sell shares in the homeland of its American owners, the Glazer family.

The team has one of the most powerful brands in world sport and has won 60 trophies in its 134-year history. But since the Glazers, who also own the Tampa Bay Buccaneers, bought the team in 2005, it has accrued a high level of debt.

Manchester United to sign Dortmund's Japan star Kagawa

City wins soccer battle for Manchester
Bobby Charlton on 25 years of Ferguson

Manchester United said in the filing Tuesday that it had generated revenue of 331.4 million pounds ($519 million) in the financial year ended June 2011. But at the end of March this year, its total indebtedness stood at 423.3 million pounds ($663 million).

The club said it would use the proceeds from the planned share offering to pay off some of its debt.

On the field, the team had an ultimately frustrating 2011-12 season. It lost out on the English Premier League title to its local rival, Manchester City, on the last day of the season, and failed to qualify from the group stage of the European Champions League.

The SEC filing did not specify when the planned listing would take place.

The filing described the maximum offering size of $100 million as "estimated solely for the purpose of calculating the registration fee," suggesting it could change in the future.

Manchester City win Premier League title in thrilling finale

CNN's Jethro Mullen and Scott Spoerry contributed to this report.

ADVERTISEMENT
Part of complete coverage on
updated 10:26 AM EST, Wed February 6, 2013
Advocates say the exam includes unnecessarily invasive and irrelevant procedures -- like a so-called "two finger" test.
updated 7:09 PM EST, Tue February 5, 2013
Supplies of food, clothing and fuel are running short in Damascus and people are going hungry as the civil war drags on.
updated 1:01 PM EST, Wed February 6, 2013
Supporters of Richard III want a reconstruction of his head to bring a human aspect to a leader portrayed as a murderous villain.
updated 10:48 AM EST, Tue February 5, 2013
Robert Fowler spent 130 days held hostage by the same al Qaeda group that was behind the Algeria massacre. He shares his experience.
updated 12:07 AM EST, Wed February 6, 2013
As "We are the World" plays, a video shows what looks like a nuclear attack on the U.S. Jim Clancy reports on a bizarre video from North Korea.
The relationship is, once again, cold enough to make Obama's much-trumpeted "reset" in Russian-U.S. relations seem thoroughly off the rails.
Ten years on, what do you think the Iraq war has changed in you, and in your country? Send us your thoughts and experiences.
updated 7:15 AM EST, Tue February 5, 2013
Musician Daniela Mercury has sold more than 12 million albums worldwide over a career span of nearly 30 years.
Photojournalist Alison Wright travelled the world to capture its many faces in her latest book, "Face to Face: Portraits of the Human Spirit."
updated 7:06 PM EST, Tue February 5, 2013
Europol claims 380 soccer matches, including top level ones, were fixed - as the scandal widens, CNN's Dan Rivers looks at how it's done.
updated 7:37 AM EST, Wed February 6, 2013
That galaxy far, far away is apparently bigger than first thought. The "Star Wars" franchise will get two spinoff movies, Disney announced.
updated 7:27 PM EDT, Fri July 25, 2014
It's an essential part of any trip, an activity we all take part in. Yet almost none of us are any good at it. Souvenir buying is too often an obligatory slog.
ADVERTISEMENT