21 Aug '11, 1am

How Singapore managed to score Manchester United listing - Straits Times: Straits TimesHow Singapore managed to

How Singapore managed to score Manchester United listing - Straits Times: Straits TimesHow Singapore managed to

Wayne Rooney hugging midfielder Anderson after Man U won the FA Community Shield. One sticking point in talks with the Hong Kong exchange was reportedly the Glazers' insistence on keeping private the salary details of the club's players. -- PHOTO: AFP The story of Manchester United's US$1 billion (S$1.2 billion) initial public offering (IPO) starts with its billionaire owner Malcolm Glazer, who had been looking for ways to erase his mounting debt. The world's most famous football club may be on a winning streak on the pitch, but its owner was losing the battle against its finances. Short on cash, Mr Glazer had completed a successful &pound504 million bond issue early last year, but despite that, by the end of March this year &pound478 million (S$952 million) of debt had piled up. It was well known that the Glazers were looking at other ways to service their debt, and the i...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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