Man Utd Cuts Stock Float Value
19-time Premier League champions Manchester United have been forced to cut the value of its upcoming share flotation in New York, and will now sell shares at $14 each – significantly lower then the $16-$20 range the football club announced last month.
The shares will begin trading in New York on Friday under the ticker name Manu.
It is selling shares representing 10% of the club, which will raise $233m (£150m) to pay off some of its debt.
However, this is below the $333m the club had originally hoped for, and the lowering of the share price suggests that it could not find buyers at those higher prices – according to media reports.
Manchester United is controlled by the Glazer family, who paid £800m for the club in 2005.
This sale now values the Premier League runners-up at double that price.
The billionaire US sports investors also own the Tampa Bay Buccaneers American football team.
