Manchester United hopes to sell shares on the New York Stock Exchange (NYSE). The Premier League club filed registration papers with the Securities and Exchange Commission (SEC) on Tuesday, according to the Associated Press.
If the proposed restructuring goes through, the club would become a subsidiary of a new holding company called Manchester United Ltd., which would be based in the Cayman Islands.
The number of available shares and the price per share were not listed on the filing. Investors will be able to purchase Class A shares, but the Glazer family will maintain control of the club through its ownership of Class B shares. Those have 10 times the voting power as the shares United hopes to sell on the NYSE.
United said it hoped to raise up to $100 million (£64 million) in the initial public offering (IPO). It intends to use the money to help pay down some of its considerable debt. The Glazer family purchased the club in 2005 for $1.47 billion (£936 million), but the leveraged takeover saddled the club with debt. As of March 31, United has $663 million (£423 million) in outstanding obligations.
Forbes Magazine values United at $2.24 billion (£1.43 billion). It has been ranked as the most valuable soccer club in the world for the last eight years.
If the IPO is approved, United will become the first sports team to sell stock on the NYSE since the Cleveland Indians de-listed in 1998.
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