Manchester United apply for Singapore listing

Posted on by SoccerPunter

English Premier League champions Manchester United have filed an application with the Singapore stock exchange for a public listing, a source close to the deal said on Thursday.

The Red Devils, the Premiership title-holders and three-time champions of Europe, submitted their application with the Singapore Exchange (SGX) “last week” the source told AFP on condition of anonymity.

The SGX will study the application and if approved will issue the club an “eligibility to list” letter, after which United can lodge its prospectus with the Monetary Authority of Singapore, the source added.

United plan to issue their initial public offering (IPO) in the fourth quarter, said the source.

Press reports said United aim to generate $1 billion with the IPO of 30 percent of the club’s shares.

One source with knowledge of the IPO plan told AFP on Wednesday the club chose Asia over London for the listing because the region accounts for 190 million out of the estimated 330 million United followers worldwide.

In addition, most of the club’s sponsors are also based in Asia or generate a large part of revenue from the region.

“Asia has been integral to the club from a fan point of view and also from a commercial point of view,” the source said Wednesday.

United were ranked by business magazine Forbes earlier this year as the world’s most valuable football club with a value of $1.86 billion.

Media estimates of $1 billion for 30 percent of the club’s shares means a total valuation for the company of more than $3 billion.

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