Source: Team_Talk
United set for Singapore flotation
Manchester United are understood to be set to sell off a stake in the club in Singapore in order to pay off a portion of their debts.[LNB] 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.[LNB]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.[LNB]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.[LNB]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.[LNB]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.[LNB]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.[LNB]Manchester United were not commenting.
