United 'temporarily' postpone stock market flotation amid Eurozone fears
Manchester United have temporarily postponed their flotation on the New York Stock Exchange amid market fears caused by the Eurozone crisis.
The Glazer family, who own the club, are believed to have been spooked by the volatile US markets - forcing them to reconsider their ￡193million flotation in New York.
The plan had been to begin trading United's shares from early August, but this has been put on ice.
Advisers at the club are reassessing the plan to list the company's shares after another dismal week in the eurozone, causing the markets to slide.
United were taken over by Malcolm Glazer and his sons for ￡790million in 2005. The deal was met by protests from angry fans, who took up the mantra of 'Love United, Hate Glazer' from the off.
Fans were opposed to the US businessman taking over because of his reliance on debt financing, which appears to be playing a part in their consideration of a flotation.
It has been reported than some of the ￡1billion raised in the flotation would be used to pay down the club's massive ￡420million gross debt.
Manchester United fans have welcomed the news of the flotation - not only will it dilute the Glazers grip on the club's finances, it could also pay off some of the huge debt their noisy neighbours, Manchester City, persistently remind them of. |
發表於 2012-7-27 12:44 PM
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