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09-17-2011, 12:54 AM #1
Singapore floatation nears for United
Manchester United have been cleared to launch a floatation on the Singapore Stock Market, with the club now free to open dialogue with potential investors.
It is thought that United's American owners, the Glazers, are hoping to recoup around £600 million from selling a 25% stake - meaning they value the club at a staggering £2.4 billion.
Reports suggest rwo-thirds of United's offering will be in preferred shares, which may carry at least double the dividend of ordinary stock while lacking voting rights.
That dual-share structure would allow the Glazer family to retain control of the football club after the initial public offering. United this month posted a record full-year operating profit of £110. 9million to June 30.
Opponents of the Glazer regime have already called for the proceeds from any partial sale to be used to clear the club's debt, although it is not known how the American owners managed to pay off £220 million of payment-in-kind notes in November last year.
Meanwhile, another twist in the saga has emerged following claims the Qatari Royal Family are set to have another go at buying the Old Trafford outfit.
The Glazer family are believed to have snubbed previous interest from the mega-rich Middle East country, although with market conditions currently volatile, they may look more favourably on a deal now.