United's launch Singapore share flotation
Published 16/09/2011 | 11:55
Manchester United have been cleared to launch a floatation on the Singapore Stock Market after permission was granted on Friday, so United are now free to open dialogue with potential investors.
Although precise details of United's plans are yet to be announced, it is thought the Glazer family are looking at selling 25pc of the club, which they hope will net them £600 million.
It has been suggested two-thirds of United's offering will be in preferred shares, which may carry at least double the dividend of ordinary stock while lacking voting rights.
That dual-share structure would allow the Glazer family to retain control of the football club after the IPO.
United this month posted a record full-year operating profit of £110.9m to June 30.
Opponents of the Glazer regime have already called for the proceeds from any partial sale to be used to clear the club's debt, although it is not known how the American owners managed to pay off £220m of payment-in-kind notes in November last year.
Meanwhile, another twist in the saga has emerged following claims the Qatari Royal Family are set to have another go at buying the club.
The Glazer family are believed to have snubbed previous interest from the Middle East country, although with market conditions currently volatile, they may look more favourably on a deal now.