Red Devils set to score another late winner | Pakistan Today

Red Devils set to score another late winner

Popular British football (soccer) team Manchester United announced Monday that it hopes to earn over $300 million in its proposed IPO on Wall Street. The team will put $16.7 million on market, $8.3 million in public shares and $8.3 million belonging to the club owner, American businessman Malcolm Glazer. The shares will be sold at $16 and $20, raising a target amount of around $300.6 million. Taking into account the 2.5 million additional shares that may be offered through overallotment options and the maximum price per share, the team could stand to raise up to $383 million. The opening date for the public offering, initially announced in July, has not yet been set. The club had renounced its previous initial public offering, slated for the Singapore market, in a region where there is an abundance of liquidity and a strong fan base. Among the most popular teams in the world, Manchester United posted a profit of $19.7 million in 2011, with total revenues at $518.5 million.



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