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Cardiff owner says IPO possible

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Updated 04 Jun 2013 09:49:09

Cardiff owner says IPO possible

Newly promoted Cardiff City may become just the second English Premier League team to get a stock market listing, its billionaire Malaysian owner said Tuesday.

Vincent Tan, who owns 36.1 percent of the club, was quoted as saying by state news agency Bernama that he was considering a listing to pay off debts.

"We are looking at several options to raise money to pay the banks. I have invested so much, so now I need to raise some money. Listing is one of the options," he told reporters.

He added that if the listing went ahead, it would happen this year.

Manchester United, one of football's biggest brands, raised more than $233 million on the New York Stock Exchange last year, the largest-ever initial public offering by a sports team.

Tan, whose marketing decisions since taking control of the Welsh club in 2010 have angered some fans, had earlier said he planned to open his wallet to acquire new players ahead of the new Premier League season in August.

After promotion to the top tier of English football was confirmed, Tan said the club would spend up to £25 million ($38.2 million) on new talent.

The tycoon has various interests in financial services, hotels, property and gaming, with Forbes estimating his net worth at $1.3 billion.

Cardiff fans were outraged last year when the blue home jerseys that earned the club the nickname the "Bluebirds" were changed to red. The management felt this would help market the club in Asia, where red is associated with good luck.


AFP

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