United set for Singapore flotation
The Premier League champions currently have debts of more than £500million but the club could hope to clear a large proportion of that by floating on the Singapore Stock Exchange. The club has lodged a submission to launch an Initial Public Offering (IPO) - a flotation - with the intention of being listed on the stock exchange by the end of 2011. The submission process will take between four and 12 weeks, followed by a further fortnight of administrative proceedings which will see United floating in the fourth quarter of the year. The club already have a reported 192million supporters in Asia, out of a worldwide total of as many as 333million, and the flotation means they can develop commercial links and increase their fanbase. In contrast to much of the western world which is in a deep recession, Asia's economy is continuing to grow, rebounding quickly after a short slump. It is not yet certain what proportion will be floated or how much the Glazer family, United's owners, are hoping to raise although some reports are estimating between £400m and £600m. Manchester United were not commenting.