Soccer giants Manchester United are planning to raise about $1 billion by selling shares on the Singapore stock exchange, according to reports.
The Wall Street Journal has reported that the Premier League champions will carry out an initial public offering (IPO) in the Asian state later this year with Credit Suisse are working on the transaction.
However Hong Kong does not allow companies making a loss - which United is due to its large debt repayments - to list there.
The Glazers are looking to issue shares in Asia because so many of the club's fans are there, and the team's popularity would allow it to potentially raise more than it would if it issued shares in London.
The club have fan clubs in countries such as Thailand, Singapore and South Korea and a supporter base there of 190 million.
"It'll be a good coup for the Singapore Exchange," Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management Asia Ltd., told Bloomberg.
"Manchester United is an iconic eye-catching brand in this part of the world, and it's probably just capturing that momentum because this is where growth is coming from."
United were listed on the London Stock Exchange as Manchester United PLC before a £790 million takeover by the Glazers in 2005.
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| Could Manchester United be about to start selling shares on the Singapore Stock Exchange? Photo: Getty Images |
The Wall Street Journal has reported that the Premier League champions will carry out an initial public offering (IPO) in the Asian state later this year with Credit Suisse are working on the transaction.
There had been speculation the club was looking to sell shares in Hong Kong, after the Sunday Mirror reported earlier this month that the Glazer family, which owns United, was planning to sell as much as 25 pc of their stake in an IPO.
However Hong Kong does not allow companies making a loss - which United is due to its large debt repayments - to list there.
The Glazers are looking to issue shares in Asia because so many of the club's fans are there, and the team's popularity would allow it to potentially raise more than it would if it issued shares in London.
The club have fan clubs in countries such as Thailand, Singapore and South Korea and a supporter base there of 190 million.
"It'll be a good coup for the Singapore Exchange," Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management Asia Ltd., told Bloomberg.
"Manchester United is an iconic eye-catching brand in this part of the world, and it's probably just capturing that momentum because this is where growth is coming from."
United were listed on the London Stock Exchange as Manchester United PLC before a £790 million takeover by the Glazers in 2005.
Related links:
Team
Also see:
