The West

Man Utd lists on NYSE
Man Utd lists on NYSE

Manchester United has launched their New York Stock Exchange listing, hoping to raise about $US330 million ($A316 million) by selling 10 per cent of the English Premier League soccer club.

The record 19-time English champions on Monday told the Security and Exchange Commission that 16.7 million shares would be offered at a starting cost of $US16 to $US20.

United are looking to raise funds to help reduce debt from the Glazer family's 2005 takeover, rated at STG423 million ($A640 million) as of March 31.

The Glazers will retain control of the club through their 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 STG1.47 billion ($A2.22 billion) in June 2005.

The Glazers also announced a seven-year shirt sponsorship deal with American car company Chevrolet, to begin at the start of the 2014-15 season.

The current United shirt sponsor Aon has another two years to run in a deal that began in 2010-11.

The Red Devils were on track to win their 20th league title this year when leading by eight points into the final weeks of the season. But crosstown rivals Manchester City won the title on goal difference on the final day of the season.

City are soccer's biggest spender following their purchase by Sheikh Mansour bin Zayed bin Sultan Al Nahyan of Abu Dhabi.

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

The West Australian

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