Currency Crisis Sinks RPL Transfer Market RTL To Tighten F1 Broadcasts In '15 NRL Forced To Backflip On Power Grab DEL Sets New Attendance Record CFG Launches City Football Japan Executive Transactions Chinese Opinion Split On World Cup Bid Names In The News Possible Solution Emerges In Spain Wigan Athletic Chair Dave Whelan Resigns
SBD Global/August 8, 2012/FinancePrint All
ManU has "received enough orders for all shares being sold in its U.S. initial public offering," according to Wu & Hu of BLOOMBERG. The company and its owner, the Glazer family, "are seeking to raise as much as" $333M by selling 16.7 million shares at $16 to $20 each. An individual who declined to be identified because the talks are private said that banks managing the IPO are "scheduled to stop taking orders for the shares on Aug. 9 at noon in N.Y. ManU is "pressing ahead with the IPO" as the Standard & Poor's 500 Index rebounds, rising more than 9% from its six-month low in June. Club spokesperson Philip Townsend declined to comment. The range makes ManU "more than twice as pricey" as Parken Sport & Entertainment A/S, the operator of FC Kobenhaven and its stadium in Copenhagen, which "trades at 18 times a profit and 0.6 times sales in the 12 months through March," Bloomberg data show. The data also show that Juventus Football Club trades at about 0.5 times sales in the 12 months through March 31 (BLOOMBERG, 8/7).
More than £6B ($9.4B) was wiped from the value of Liverpool FC shirt sponsor Standard Chartered Tuesday after the banking giant was "accused of hiding £160B ($250B) of transactions with the Iranian government," according to Neil Hodgson of the LIVERPOOL DAILY POST. Regulators in N.Y. said that Standard was a "rogue institution, which broke sanctions imposed on Iran, exposing the U.S. to terrorists, drug kingpins and weapon dealers." Standard, which is one of the top-five largest banks in the U.K. by market value, said it "strongly rejects the position or the portrayal of facts" set out in the order by the N.Y. state’s Department of Financial Services. The bank, which signed a four year £80M ($125M) shirt sponsorship deal with Liverpool in '09, has been called to appear before regulators on Monday to "explain the apparent violations and defend its licence to trade on the N.Y. Stock Exchange" (LIVERPOOL DAILY POST, 8/7).
IMPACT ON LIVERPOOL: In London, Jonathan Harwood wrote that there could be implications for Liverpool FC. The last thing Liverpool needs now is "a political crisis surrounding its chief sponsor, which could put one of its main revenue streams in danger." Standard Chartered is believed to pay around £20M ($31M) a year to put its logo on the Liverpool shirt. It is "one of the most lucrative deals in the Premier League" and runs through the '13-14 season. When contacted by The Week, Liverpool said that it had "no comment" to make. Any fallout from the allegations against Standard Chartered "could have serious implications for Liverpool's global reputation, especially in North America." U.S. football fans are "unlikely to take to a club that has a bank accused of funding Iran" on its shirts (THE WEEK, 8/7).