EPL 2011-12: Manchester United may raise 1bn USD in Singapore
HONG KONG/SINGAPORE: In the fight against huge debts, the Manchester United have now turned their attention towards Singapore where they are planning to raise around 1 billion US dollars (609 million British pounds) through a stock market flotation by the end of current year.
Glazers Manchester United
British media, quoting their sources with knowledge of the plans, claimed Tuesday here that the English Premier League Champions are under massive debts which forced many of their fans to start hating the club owning Glazer family as slogans like “Love United, Hate Glazer” have been witnessed in the United fans during some of the recent matches.
The debts have put a question mark on Manchester United’s ability to come good at the “Financial Fair Play” rules put in place by European soccer apex body UEFA which limits the amount borrowing for any soccer club.
Manchester United
This is not the first time that the Manchester United bigwigs have turned to stock markets for raising funds as before Glazers took over in 2005, the Manchester soccer club got itself listed at the London Stock Exchange.
As per the British media reports, Credit Suisse, UBS, and Morgan Stanley are in the running to win the mandate of the Initial Public Offering (IPO) of the Manchester United.
Glazers
Manchester United have been a hot cake in Asia where 190 million of their total 333 million fans exist and the growing popularity has urged the Glazers not to sell their stakes in the club despite of fans’ hatred towards them. Rather the Glazers have come up strongly with the plan to issue new shares to raise funds for reducing the huge debt pile of the club.
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