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United float to reduce debt pile
MANCHESTER UNITED have applied for a listing on the Singapore Stock Exchange and are understood to be planning to use some of the proceeds to pay down the club’s debts of £515m.
United owners the Glazer family are thought to be preparing to sell off between 25 and 30 per cent of the Premier League champions in a share offering in the fourth quarter of this year.
The Glazers have been accused of piling crippling debts onto United, with annual interest payments of around £70m. They paid off £220m of costly payment-in-kind loans last year but have never disclosed where the funds for that move came from.