‘Glazers revive United’s Singapore IPO’
THE owners of Manchester United have reactivated an earlier plan to float its shares on the stock market in Singapore following improved market conditions, according to weekend reports.
The Sunday Times said the Florida-based Glazer family is looking to raise up to £600m by selling 25-30% of the club via an IPO that would value it at up to £2bn.
A spokesman for Manchester United said, “We don’t comment on this sort of speculation”.
Manchester United had eyed a $1bn floatation in Singapore last year but shelved it due to market volatility.
Accordign to the Reuters news agency, bankers expect the deal to be revived this year. Formula One motor racing is also reported to be looking at floating in Singapore this year.
United won the English league title for a record 19th time last season and are on course for a 20th totle.
The independent Manchester United Supporters Trust (MUST) said a floatation would be one way of trying to allow fans to build up a meaningful stake in the club.
“If they are coming back with the same sort of inflated valuation and the same sort of proposal, including non-voting shares, then they should expect the same negative response from the market as last time,” said MUST chief executive Duncan Drasdo.
“If instead they have learned their lesson and decide to offer a substantial proportion of full voting shares at a reasonable valuation and this is a pre-cursor to a full sale, then this could be enthusiastically welcomed by United supporters worldwide,” he added.
