Report: Man United $1B IPO deal OK'd

Updated: September 16, 2011, 11:29 AM ET
Associated Press

SINGAPORE -- A person familiar with the deal says Manchester United's planned $1 billion public offering has been approved by Singapore's stock exchange. The public offering likely will happen by the end of the year.

The person is not authorized to discuss the matter publicly and spoke on condition of anonymity to The Associated Press. The person adds that the listing for the American-owned club would involve ordinary and nonvoting preferred shares.

Manchester United is owned by the Glazer family. It has been valued at $1.9 billion by Forbes magazine, which has ranked it as soccer's most valuable team for the last seven years. However, the club has about $750 million of debt.

Copyright 2011 by The Associated Press