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Manchester United fans hit out at Glazers over New York Stock Exchange plan
Published : 31 Jul 2012 20:47:24Rss feed
The Glazer family faced mounting criticism last night over their plans to sell off more than 10 per cent of Manchester United on the New York Stock Exchange. Rebel supporters have seized on the proposals as a fresh opportunity to force the unpopular American owners out of Old Trafford after seven years in power. It follows confirmation on Monday night of United's intention to float 10.2 per cent of the club through an Initial Public Offering (IPO) in New York that could raise as much as ?210million, having previously abandoned similar plans in Hong Kong and Singapore. There is anger and concern as the Glazers initially said they would use all the proceeds to help clear the club's ?437m debt, but now intend to keep half for themselves. In addition, flotation and underwriting fees of ?15-20m are expected to be paid for out of the club's half leaving United with as little as ?73m.
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