• Premier League

Man Utd postpone share flotation

ESPN staff
July 26, 2012
Manchester United will not float on the New York stock exchange © PA Photos
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Manchester United are believed to have postponed plans for a £200 million flotation on the New York stock exchange amid volatility in world financial markets.

Although the club, owned by the Glazer family, has neither confirmed nor denied that the plan has been shelved, a postponement would represent another setback to attempts to list the shares.

Last year, proposed flotations on the Singapore and Hong Kong stock markets were abandoned in an increasingly uncertain economic environment.

This summer's US flotation was reported to have been put on the back burner in a week that saw two per cent wiped off Wall Street's S&P 500 index.

United had been hopeful of beginning a series of presentations to potential share buyers this week, but further uncertainty in the eurozone is feared to have made those potential investors more cautious.

The Glazers bought United for £790 million in 2005, but the deal sparked unrest among supporters concerned by its reliance on debt financing.

The Manchester United Supporters' Trust said it would back the share flotation if it enabled much of United's debt, which stands at more than £420 million, to be paid off.

Fans hope that would enable the club to spend more heavily on players amid fears that neighbours Manchester City, who snatched the title from United last season, could be moving ahead of their Old Trafford rivals.

© ESPN Sports Media Ltd.
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