Bloomberg News

Manu Said to Get Enough Orders for All Shares of U.S. IPO

August 07, 2012

Manchester United Said to Get Enough Orders for All IPO Shares

A statue depicting former Manchester United soccer club players Bobby Charlton, Denis Law and George Best stands outside the Old Trafford stadium in Manchester. Photographer: Paul Thomas/Bloomberg

Manchester United Ltd., the English soccer team with a record 19 national championships, received enough orders for all shares being sold in its U.S. initial public offering, said two people with knowledge of the matter.

The company and its owner, the Glazer family, are seeking to raise as much as $333 million by selling 16.7 million shares at $16 to $20 each, according to a regulatory filing last month. Banks managing the IPO are scheduled to stop taking orders for the shares at noon in New York on Aug. 9, according to one of the people, who declined to be identified because the talks are private.

United, whose players include England’s striker Wayne Rooney and Welshman Ryan Giggs, picked the U.S. as its listing venue after ditching plans for a share sale of as much as $1 billion in Singapore. The Glazer family acquired United for 790 million pounds ($980 million) in 2005, and also own the National Football League’s Tampa Bay Buccaneers.

Manchester United spokesman Philip Townsend declined to comment.

General Motors Co. (GM:US), the world’s largest carmaker, signed a seven-year deal to have its Chevrolet brand on United’s jerseys starting in 2014, according to a press release last month. GM sponsorship agreement will generate $559 million through 2021, the club said in a filing on Aug. 3.

The Glazers, who fully own United, hold Class B shares, which are entitled to 10 votes apiece. The Class A shares being sold in the IPO get one vote each, according to filings. The Glazers will maintain almost 99 percent of voting power over the club after the offering, in which a 10 percent stake of the company is being sold.

Jefferies Group Inc. (JEF:US), Credit Suisse Group AG (CSGN) and JPMorgan Chase & Co. are leading the U.S. offering for the soccer club, along with Deutsche Bank AG (DBK) and Bank of America Corp. (BAC:US)Morgan Stanley (MS:US), which had been hired to lead the sale in Singapore, is no longer working on the sale. The club plans to list on the New York Stock Exchange under the symbol MANU.

To contact the reporters on this story: Zijing Wu in London at zwu17@bloomberg.net; Fox Hu in Hong Kong at fhu7@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net


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