SBD/August 16, 2011/Franchises

ManU Planning To Offer IPO On Singapore Stock Exchange In Fourth Quarter

Manchester United planning to raise around US$1B from Singapore IPO
EPL club Manchester United is "planning to raise around US$1 billion from a Singapore initial public offering in the fourth quarter," according to sources cited by Venkat & Ho of the WALL STREET JOURNAL. The move is the "latest foreign listing to tap Asia's funding markets." The sources said that Credit Suisse Group "had been mandated by the U.K. club as sole global coordinator and bookrunner on the deal." Another source said that other banks "will be added as bookrunners on the IPO later on." The sources said that ManU had initially planned to "list in Hong Kong, but changed its mind and has now picked Singapore." Venkat & Ho note ManU previously had been listed on the London Stock Exchange, but the club was "delisted in 2005 after U.S. investor Malcolm Glazer bought the club." Forbes ranks ManU as the "world's most valuable football team in 2011, valuing the club at US$1.86 billion" (WSJ.com, 8/16).

CELTIC WARRIORS: In Scotland, Stephen Halliday reports Scottish Premier League club Celtic had its "lowest turnover ... in ten years" for the year ending June 30. Not reaching the "group stage of either the Champions League or Europa League last season was the primary factor in Celtic suffering a drop of almost 15 per cent in turnover." The club had revenue of US$86.1M, a drop almost US$14.75M "from the previous 12-month period." It is Celtic's "lowest turnover since 2001, the year before they competed in the Champions League group stage for the first time." The club has "successfully managed the decline in revenue, with yesterday's accounts showing their debt reduced" to US$868,375, compared to US$9.58M at the same point last year (THE SCOTSMAN, 8/16). In London, Graham Spiers notes turnover "isn't everything ... but it is still an indicator of how vibrantly you are doing business," and Celtic is "feeling the pinch." The team three years ago had 54,000 season-ticket holders, but that figure "was down to 42,500 for 2010-11." The team yesterday indicated that the "present season-ticket figure was up to around 44,000, but we are still looking at a reduction compared to recent seasons" (LONDON TIMES, 8/16).
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