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Manchester United adds Morgan Stanley, JPMorgan for IPO

Manchester United adds Morgan Stanley, JPMorgan for IPO
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First Published: Fri, Aug 19 2011. 01 54 PM IST
Updated: Fri, Aug 19 2011. 01 54 PM IST
Hong Kong: English Premier League football champions Manchester United Ltd added Morgan Stanley and JPMorgan Chase & Co to help manage its planned $1 billion initial public offering (IPO) in Singapore, sources with direct knowledge of the plans told Reuters on Friday.
The club had already appointed Credit Suisse Group AG as a global coordinator for the offering, a source told Reuters on Thursday.
A second source added that United’s owning Glazer family planned to use some of the funds raised from the offering to reduce the club’s huge debt pile, a burden that has made the Americans deeply unpopular with many fans.
Spokespeople for JPMorgan and Morgan Stanley in Hong Kong declined to comment on the IPO mandates.
A Singapore listing will mark a second stock market incarnation for the club, which was listed in London before being taken over by the Glazers in 2005.
Asia, a key region for many English football teams, has become an important growth area for United and is home to more than 190 million of its estimated 333 million fans.
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First Published: Fri, Aug 19 2011. 01 54 PM IST