On Thursday Manchester United will report record operating profits in excess of £100m, the Guardian understands.
Whilst last year United’s financial statements showed the club had generated revenues of £286.4m, that figure is believed to have breached the £300m barrier for the first time this year, as a result of the club enhancing their portfolio of overseas sponsorship deals. Subsequently this ability to expand and strengthen their revenue streams over the past 12 months is thought to have created the most financially profitable year in United’s history.
Once made formal tomorrow, these revelations of United’s desirable recent financial performance will be used by the club in their efforts to raise in the region of £600m by floating a minority stake of the club on the Singaporean Stock Exchange.
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The initial public offering (IPO) in Singapore of approximately £600m for in the region of 25%-30% of Manchester United’s shares is to be based upon a two-tier structure which will minimize the influence of incoming shareholders over the club’s owners – the Glazer family, according to the Financial Times.
Specifically employment of this share structure will mean that some of the shares to be floated will possess greater voting rights than others.
Although makes ‘most sense for Manchester United the business’ – in the words of a person knowledgeable about the proposed Singapore IPO, it could be regarded as inequitable by prospective investors.
Wayne Rooney is confident he has been vindicated in his decision to remain with Manchester United, BBC Sport has revealed.
Declaring an intention to leave Manchester United, primarily due to a concern over the quality of the club’s squad last October Rooney appeared destined for the Old Trafford exit door. However briefly after Rooney voiced his discontent with life at United, the England Internationalist signed a new 5-year contract at the club and is now glad he did.
“It’s the best decision I’ve made in my football career. To still be at United and enjoying it, winning things and seeing the team coming through and playing the way it is, is fantastic,” said Rooney as he prepares to represent England in Euro 2012 qualifying game against Bulgaria and Wales.