Updated: Tuesday, 25th February 2020 @ 8:29pm

Manchester United hope to raise £64million on New York Stock Exchange to clear Glazer takeover debt

Manchester United hope to raise £64million on New York Stock Exchange to clear Glazer takeover debt

By Dean Wilkins

Manchester United are hoping to clear £64million of debt from their books by applying to sell shares on the New York Stock Exchange.

The most valuable sports club in the world filed with the United States government’s Securities and Exchange Commission yesterday.

Share prices are yet to be set but the application revealed that all profits would be used to tackle the debt overhanging the Old Trafford side.

The Reds were taken over by the Glazer family in 2005 in a deal worth £940million – but the takeover left the club in £423million debt.

The club, who boast more than 659million fans worldwide, were investigating a potential flotation on the Singapore stock market.

However, the process was delayed due to the volatile markets in the East and European investments have been dampened due to the ecomonic crisis.

For more on this story and many others, follow Mancunian Matters on Twitter and Facebook.