United adds Morgan Stanley and JPMorgan for IPO

  • Business
  • Saturday, 20 Aug 2011

HONG KONG: English Premier League football champions Manchester United Ltd added Morgan Stanley and JPMorgan Chase & Co to help manage its planned US$1bil initial public offering in Singapore, sources with direct knowledge of the plans said yesterday.

The club had already appointed Credit Suisse Group AG as a global coordinator for the offering, a source told Reuters on Thursday.

A second source added that United’s owning Glazer family planned to use some of the funds raised from the offering to reduce the club’s huge debt pile, a burden that had made the Americans deeply unpopular with many fans.

Spokespeople for JPMorgan and Morgan Stanley in Hong Kong declined to comment on the IPO mandates.

A Singapore listing will mark a second stock market incarnation for the club, which was listed in London before being taken over by the Glazers in 2005.

Asia, a key region for many English football teams, has become an important growth area for United.

The region is also home to more than 190 million of its estimated 333 million fans. — Reuters

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