Man U launches stock offering
LONDON -- Manchester United launched its New York Stock Exchange listing on Monday, hoping to raise around $330 million by selling 10 percent of the Premier League club.
The record 19-time English champions said in a filing to the Security and Exchange Commission about 16.7 million shares will be offered at a cost of between $16 and $20.
United is looking to raise funds to help reduce debt from the Glazer family's 2005 takeover, rated at $663 million as of March 31.
The Glazers will retain control of the club through its ownership of Class B shares, which will have 10 times the voting power of the stock sold to the public.
The club was listed on the London Stock Exchange from 1991 until the Glazers completed a leveraged buyout valued at $1.47 billion in June 2005.
The Glazers, who also own the NFL's Tampa Bay Buccaneers, also announced on Monday a seven-year shirt sponsorship deal with American car company Chevrolet, which will begin at the start of the 2014-15 season.
The current United shirt sponsor, Aon, has another two seasons to run with the team in a deal that began in the 2010-11 season.
The Red Devils were on track to win their 20th league title this year, taking an eight-point lead into the final weeks of the season. But crosstown rival Manchester City, which became soccer's biggest spender following its purchase by Sheikh Mansour bin Zayed bin Sultan Al Nahyan of Abu Dhabi, won the title on goal difference on the final day of the season.
Copyright 2012 by The Associated Press