United’s Singapore listing moves closer
MANCHESTER United’s $1bn listing on the Singapore Stock Exchange has moved closer, despite reports of renewed interest from Qatar.
According to sources close to the flotation process, the Singapore Exchange has approved the potential deal – which would raise funds to reduce debt in the business behind the Premier League champions.
An insider told TheBusinessDesk.com: “The next step will be to launch the roadshow, but the intention is to wait until market conditions are right. There is no rush so there is a watching brief at the moment.”
The news from Singapore came as a tabloid newspaper said the Qatar royal family would be in Manchester early next week to seal a £1.5bn deal to buy United.
Manchester United’s owners, the Glazer family, have stressed on many occasions that the club is not for sale.
With the Singapore plans so far advanced it would be a major shock if the Glazers did a U-turn and sold United -which recently revealed record financial results at an operating level.
However, the oil-rich kingdom of Qatar has long been seen as a suitor for United, as it is keen to expand its sporting credentials and links ahead of the 2018 World Cup. A trophy asset such as Manchester United is seen as a perfect way of doing this.
The Singapore listing is not without its critics, with some analysts and fans groups taking issue over the reported plan to use a two-tier system of shares to ensure the Glazer family retains control.
It is believed that an IPO could raise US$1 billion for a 25% to 30% stake in the club.
