7msports > Soccer Video > Manchester Unied lauched into the New York Stock Exchange

Manchester Unied lauched into the New York Stock Exchange

Saturday, August 11 2012 by SNTV
  • Intro:

    English Premier League club Manchester United began trading on the New York Stock Exchange (NYSE) on Friday. 
    To mark the occasion Manchester United executives, including members of the controlling Glazer family, rang the opening bell on the exchange, while some traders sported the club's shirt.

    Script:

    Shares in Manchester United begun trading on the New York Stock Exchange on Friday. 
    The shares debuted at 14.05 US dollars, up from the float price of 14 US dollars, opening trading with the stock market ticker MANU.
    On Thursday, Manchester United were forced to cut the value of the shares to 14 US dollars each from between 16 and 20 US dollars.
    The shares on sale represent 10 per cent of the club, which it hopes will raise 233 million US dollars to pay off some debt - well below the 333 million US dollars initially hoped for.

    Although the listing has been planned for some time, the Glazer family originally claimed all the proceeds would go towards United's debt, angering fans.
    A successful Initial Public Offering would reportedly result in investors owning 42 per cent of the shares available, but only carrying voting rights of 1.3 per cent.
    United, who claim to have a global fan base of about 660 million have won a record 19 league titles, would be valued at 2.1 billion US dollars at the top range, making it one of the world's most valuable sports teams.



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