World's most popular sports team, Manchester United, expected to debut on NYSE on Friday - InfoNews

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World's most popular sports team, Manchester United, expected to debut on NYSE on Friday

World's most popular sports team, Manchester United, expected to debut on NYSE on Friday
August 09, 2012 - 1:31 PM

NEW YORK, N.Y. - British soccer club Manchester United is expected to set a price for its initial public offering Thursday night and start trading Friday on the New York Stock Exchange as it tries to pay off more of the heavy debt piled on the club in its 2005 takeover.

United is selling 8.3 million shares and a selling shareholder is selling 8.3 million shares.

The price is expected to come in between $16 to $20 per share, for net proceeds of about $141 million.

The 134-year-old club is one of the most well-known teams on the planet, so the IPO is highly anticipated. But some analysts say the debt-ridden team is overvalued and the offering depends on investors wearing their fan colours rather than their financial thinking caps.

News from © The Associated Press, 2012
The Associated Press

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