Manchester United is the world’s most valuable sports club
Manchester United has finally become the most valuable sports club in the world as it makes its debut on the New York Stock Exchange today with 16.7 million shares. And you can be the proud owner of 10 per cent of the organisation as shares are up for grabs. The shares have been priced at £8.95 ($14) as on yesterday, which make the club worth around £1.49 billion ($2.32billion), which makes them dearer than Spanish giants Real Madrid, the New York Yankees and the NFL’s Dallas Cowboys.
The sale is expected to raise £150 million ($2.3 million), half of which will be used to set off a part of their £437 million ($683 million) debt, apart from taking care of their everyday working. The balance will go to the new American owners Glazers. The debt-free team have been struggling with finances ever since the new owners picked up a bank loan worth £525 million secured against the club’s assets, during its 2005 takeover. This move comes after the company failed to impress in previous IPO attempts amounting to $1 billion in Hong Kong and Singapore.