Manchester United fans group slams Glazers' IPO plan
LONDON (REUTERS) - A group of Manchester United fans accused the American Glazer family of milking the English Premier League soccer team for cash after IPO terms revealed they planned to take half of the proceeds of its flotation.
Fans from the Manchester United Supporters Trust (Must) questioned why all of the money being raised was not being used to reduce a debt pile that they say is holding back the team's performances on the field.
The club and the Glazers each will be selling half the IPO shares in an offering that will raise as much as US$333 million (S$410.4 million).
The club's proceeds from the IPO will be used to reduce its debt of 423 million pounds (S$825.7 million) as of March 31 to 345.4 million pounds ($664 million to $543 million).