The American Glazer family, which owns Manchester United, could list the company on the Hong Kong stock exchange in a move that would value the club at about £1.7 billion (US$2.8 billion).
A float would provide a profitable exit for the Glazers, who bought the club in a highly leveraged £790 million deal in 2005, although the family may retain a stake and use the proceeds from a share offering to reduce debt of £490 million.
There have been a number successful floats in Hong Kong of upmarket Western brands, such as luggage firm Samsonite, sparking interest among the Glazers. The family will be closely watching the Hong Kong float of luxury fashion house Prada.
BIG LOSSES
Last year, United chalked up losses of nearly £80 million after interest payments, reigniting anger among supporters who claim United’s indebtedness has pushed up ticket prices and constrained the ability of the club to buy top-notch players.
Last year, a list of the 10 most valuable sports brands compiled by Forbes magazine ranked United second only to the New York Yankees and Wall Street bankers have been pushing the float idea to the Glazers in recent weeks.
United has a huge following in Asia and analysts say there would an enormous appetite for the shares in the event of an initial public offering (IPO).
LONDON LISTING
The UK-based Manchester United Supporters Trust (MUST) gave the idea a cautious welcome, saying there should also be a public listing in London to enable all fans to buy the shares.
“A full IPO would provide an opportunity for supporters to once again share in the ownership of their club,” MUST said.
However, it added that an IPO would have to signal a clean exit for the Glazers.
“Fans would hate to see the Glazers walk away with a huge profit, but the issue is about what is best for Manchester United. Until the Glazers’ drain on our finances is removed, we will never be able to compete on a level playing field with the best in the world,” MUST said.
A club spokesman refused to comment.
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