In 2005, the family of Tampa Bay Buccaneer owner Malcolm Glazer pooled their collective millions and bought control of the Manchester United soccer club in a leveraged buyout worth a staggering $1.47 billion dollars. That’s a whole lot of money, and since then Man U has had to increase spending to keep up with the Joneses in the form of Manchester City and Chelsea, both of which are owned by oligarchs and who spend money as if it is meaningless. In that spirit, the Glazers are having to increase income and to do that, they’re turning to the stock market. Manchester United is going to be listed on the New York Stock Exchange.
The float will be pretty massive. On Monday, the club offered up 16.7 million shares of Class A stock on the NYSE, with valuation indicated to be between $16 and $20 dollars. The Glazers will retain control of the club via their Class B stock shares, which hold 10 votes to Class A stock’s 1 vote per share. So, basically, Man U had a Green Bay Packers-style “stock sale” and not a legitimate sale of interest in the company. Even so, I imagine the fans of the world’s most popular football club will be lined up to get their hands on that stock.
Tags: Manchester United, Manchester, England, Manchester United listed on the New York Stock Exchange, Manchester United NYSE, New York Stock Exchange, NYSE, Malcolm Glazer, stock offerings, soccer, football, Barclays Premier League, sports, sports stocks, stock offering for Man U, Tampa Bay Buccaneers