((HT: Reuters Today))
Manchester United released its IPO today on the New York Stock Exchange, but no one seemed all that impressed as shares stayed at the initial offering of $14 per share- even as people thought the stock would open anywhere from $16-$20.
That share price still values the club at $2.3 billion, and the club expects to make $110.3 million from its initial offering. It will use $101.7 million of that $110M to pay down old debt. The Glazer family, who own the club and the Tampa Bay Buccaneers, is selling another 8.3 million shares at another date.
The family's 2005 takeover of the Reds was valued at US$1.47 billion, much of it borrowed. United carried US$666.2M in debt as of March 31. It had no debt when it was bought by the Glazers.
After the stock offering, the Glazers will keep control of the team through Class B shares that have 10 times the voting power of the Class A stock released today.
Of course, they will...
Here's early analysis...
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