ManU Shoots For $100M Public Offering In U.S.
ManU filed an initial public offering of up to $100M in the U.S., the EPL club announced Tuesday. The number of shares to be offered on the N.Y. stock exchange and the price have yet to be determined. Jefferies, Credit Suisse Securities, J.P Morgan, Bank of America/Merrill Lynch and Deutsche Bank Securities will lead the offering (ManU). In N.Y., Kristin Jones reported that ManU would become "one of the first sports teams to go public in the U.S. in more than a decade." The last team do to so was "the Cleveland Indians Baseball Co.," which launched in '98. ManU "reported a profit" of £38M ($60M) through March 31, up from £13.3M ($21M) from the previous year. Revenue during that period grew 6.1% to £245.8M ($384M) (WALL STREET JOURNAL, 7/3). BLOOMBERG's Lee Spears reported that ManU "may hold the U.S. offering this summer." ManU "previously planned to raise" up to £637M ($1B) in a Singapore IPO. Banks "pitched the idea of a U.S. sale" to the club's U.S. owners, the Glazer family (BLOOMBERG, 7/3).