Manchester United abandon Singapore and head for Wall Street to raise funds
Wednesday 04 July 2012
Manchester United have abandoned plans to raise funds in Singapore and will instead seek $100m (£64m) from the New York Stock Exchange.
The share listing means the Glazer family will still retain control through a new holding company, Manchester United Ltd, based in the Cayman Islands, but the sums will be used to reduce the club's substantial debts.
United filed their registration statement to hold an initial public offering of shares with the Securities and Exchange Commission on Wall Street last night. The club has been looking to raise funds to help reduce debts resulting from the Glazers' takeover in 2005 that had risen to £423m by the end of March. Plans for a much bigger offering on the Singapore stock market were pursued last year, but were halted due to volatile global markets.
The club, who made a profit of £24m in the nine months to the end of March, including a number of warnings in their statement, principally "our indebtedness could adversely affect our financial health and competitive position" and reduce "the availability of our cash flow to fund the hiring and retention of players and coaching staff." United added that new Uefa financial fair play restrictions "could negatively affect our business."
Meanwhile United have confirmed Paul Pogba has joined Italian champions Juventus, with manager Sir Alex Ferguson criticising the teenager for a lack of respect and claiming the deal was done "a long time ago". The French midfielder, 19, rejected offers of a new deal at Old Trafford last season having joined from Le Havre in 2009.
Ferguson has announced the formal end of the player's time at United, telling MUTV: "Pogba signed for Juventus a long time ago as far as we're aware."
Latest in Sport
Arsenal vs Tottenham player ratings: Mesut Ozil? Alex Oxlade-Chamberlain? Nacer Chadli? Who was the star man at the Emirates?
Colombian women's cycling team kit that makes wearer appear naked is branded 'unacceptable' by UCI president
Husain Abdullah penalised after celebrating a touchdown with a Muslim prayer - causing mass outrage among fans
Manchester United risk Uefa row over plan to play lucrative midweek friendlies
Cristiano Ronaldo to Manchester United: 'Come home' banner flown over Real Madrid match
- 1 Reyhaneh Jabbari: Iran due to execute woman for murder of her alleged attempted rapist
- 2 Sainsbury's '50p challenge' poster telling staff to encourage customers to spend more placed in shop window instead of staff room
- 3 Expert urges cat lovers to own just one animal each
- 4 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 5 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so