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Manchester United plays for dollars in US IPO

  • 4 Jul 2012
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View of Old Trafford stadium in Manchester

Storied British football club Manchester United filed papers in the United States Tuesday to raise money by selling shares on the US market.

In the filing with the Securities and Exchange Commission, Britain's all-time top Premier League team said it would raise up to $100 million in the initial public offering.

The team, controlled since 2005 by the Glazer family, billionaire US sports investors, has struggled in recent years with heavy debts despite what is arguably the world's strongest global fan base for a football club.

"We intend to use all of our net proceeds from this offering to reduce our indebtedness," the IPO prospectus said.

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