United launches share sale on NYSE

BY foxsports • July 30, 2012

Manchester United has launched its New York Stock Exchange listing, with shares expected to start between $16 and $20.

The launch occurred Monday, and the record 19-time English champions say about 16.7 million shares will be offered.

United is looking to raise funds to help reduce debt from the Glazer family's 2005 takeover, rated at 423 million pounds ($663 million) as of March 31.

The Glazers will retain control of the club through its ownership of Class B shares, which will have 10 times the voting power of the stock sold to the public.

The club was listed on the London Stock Exchange from 1991 until the Glazers completed a leveraged buyout valued at $1.47 billion in June 2005.

The Glazers also own the NFL's Tampa Bay Buccaneers.



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