Glazers gain £75m in United flotation
The American owners of Manchester United have pocketed around £75 million as shares in the club were publicly traded for the first time in seven years.
Some 16.6 million shares, equal to 10 per cent of the club, were floated on the New York Stock Exchange to great fanfare as members of the Glazer family rang the opening bell.
The 134-year-old club offered shares for 14 US dollars (£9) a piece - giving United a market value of £1.5 billion - but there was little price movement in early trade. The offering was substantially lower than the 16 to 20 US dollars originally proposed by its advisers - which would have valued the club at £2.1bn at the top end.
The flotation will raise around £150m with roughly half the proceeds going to the Glazers, who bought the club in 2005 for £800m, while the remaining proceeds will be used to pay down some of the Red Devils' £423m debt pile.