Soccer power Manchester United is expected to start selling stock to the public as early as next week in New York, for pricing in early August, after earlier attempts in Hong Kong, Singapore and the United Kingdom, Reuters news agency reported.
The timetable marks a change from the original schedule to proceed with the initial public offering (IPO) after Labor Day on Sept. 3, Reuters said
In another change, the soccer club that is owned by the Glazer family, which also owns the Buccaneers, is now looking to raise $300 million on the IPO, less than the $500 million previously contemplated.
The decision on timing and sizing is fluid and could change, depending on the regulatory review process.
Steven M. Davidoff wrote on DealBook that Malcolm Glazer and his family need the cash infusion from an IPO to help pay down the huge debt they saddled Man U with in order to buy it, the New York Times reported, but they don't want to give up control of the world's most successful soccer club and an incredibly valuable global brand.
The club, founded in 1878, was recently valued at $2.2 billion by Forbes, continuing to make it the richest sports franchise in the world.
The latest filing, on Monday, provides limited additional disclosure, other than the selection of "MANU" as the club's ticker for a New York Stock Exchange listing.
In the seven years before the Glazers bought the club outright, Manchester United won four Premier League titles, one Champions League title and two FA Cups. Since the Glazers took over, it has won four Premier League titles, one Champions League title and twice finished second in the FA Cup.
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