Manchester United plan New York Stock Exchange launch
5th July 2012
Two New York-headquartered law firms have been given major roles in helping with the planned flotation of Manchester United Football Club on the city’s stock exchange.
The decision to become a public company in the US has largely come as a surprise to followers of markets and the club’s fortunes, who had expected them to be listed in Singapore instead.
The choice to go into New York arguably represents a downsized assessment of the group’s ambitions. They have announced their initial objective as being to raise $100m, compared to what had been a predicted total of around $1bn had they set up a flotation in Asia instead.
This is not the first time the Manchester team have ‘gone public’ and enlisted the advice of those with top financial lawyer jobs; they were previously on the London Stock Exchange before being bought for $1.45m (£790m) in 2005 by sports entrepreneur Malcolm Glazer and his family.