United announce terms of IPO

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London - English soccer team Manchester United said they expect to sell 16.67-million shares at $16 to $20 each, raising as much as $333-million in their initial public offering.

Manchester United are arguably the world's best-supported soccer club and have a global fan-base of 659-million, according to a recent market survey.

The club had filed to raise up to $100-million in their IPO of Class A stock earlier this month.

The team chose to list in the United States after scrapping listings in Singapore and Hong Kong. They had originally looked to raise as much as $1-billion in Singapore.

Manchester United are owned by the Glazer family, owners of American football team the Tampa Bay Buccaneers. The Glazers' Class B shares will have 10 times the voting power of average investors' Class A shares.

Jefferies Group is the lead book runner in the syndicate, which also includes Credit Suisse, JPMorgan Chase, Bank of America Merrill Lynch and Deutsche Bank. The company will list on the New York Stock Exchange under the ticker “MANU”.

Earlier on Monday, Manchester United signed a seven-year sponsorship deal with General Motors to have the Chevrolet brand on their shirts starting in 2014. The deal is worth roughly $600-million. - Reuters

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