Man Utd Listing in Singapore Approved
September 16, 2011
Manchester United’s plan to float the company on the Singapore Stock Exchange has been cleared. Permission was granted on Friday, so United are now free to open dialogue with potential investors.
A public listing in Singapore, which reports have said could raise $1 billion, will bring the reigning league champions closer to their legions of fans in Southeast Asia, a football-crazy region of more than half a billion people.
But the club will gauge market sentiment before launching the initial public offering (IPO) because of uncertainty sparked by the eurozone debt crisis, said the source, who asked not to be named.
“They have received approval but the timetable is not fixed,” the source told AFP.
“The company is not in need of funds so they are not in a hurry to list. Basically, they are keeping a watching brief on market conditions.”
Media reports have said United could raise $1 billion dollars from the IPO of 30 percent of its shares, which would value the company at more than $3 billion.
United were ranked by business magazine Forbes earlier this year as the world’s most valuable sports club, worth $1.86 billion.