Man-U is one of the world largest football clubs with a fan-base numbering to hundreds of millions from all walks of life. Data released by the Forbes magazine recently place it at the top among all the Premier League teams, indicating that it is worth $2.23bn.
This wealth ranking matches its performance at the Premier League where it is famously known for taking home the trophy without much ado. However, in the last season it came in handy in the second position to a great disappointment to its die-hard funs. But all in all, it has won the title 19 times…good for you Man-U fans…hmmmm…!!!
The club was bought in 2005 by US sports investors the Glazer family at a selling price of 800 million pounds. It is estimated that as at now that it is going public, that value has doubled. The Glazer family also owns an American football team, the Tampa Bay Buccaneers American football team.
I do not know of any other football club that is listed on any stock exchange I know of as of now; but the Red-Devils have decided to go public by listing in New York on Friday 10th August 2012. Could this be a sign of wealth and greatness or what could it be?
The shares of the company will be selling at $14 each down from the initial $16-$20 range it had announced earlier. This is estimated to raise $233M to be used in repayment of its debts amounting to 437 million pounds. The club currently has 70 million pounds in liquid cash. The shares begin trading on Friday 10th August 2012 in New York under the ticker name Manu.
We hope its shares won`t take the southern route the Facebook shares took after the Facebook IPO. It is however worth noting that the shares to be sold publicly amount to 10% only of the company.
Next time you check out how shares are performing at the NYSE, don’t forget to check out Manu for me…and keep me updated please…