The Singapore stock exchange has approved an application by English football giants Manchester United to sell shares on its stock market, a source familiar with the deal said today.
A public listing in Singapore, which reports have said could raise $1 billion, will bring the reigning league champions closer to their legions of fans in Southeast Asia, a football-crazy region of more than half a billion people.
But the club will gauge market sentiment before launching the initial public offering (IPO) because of the uncertainty sparked by the euro zone debt crisis.
"They have received approval but the timetable is not fixed," the source said. "The company is not in need of funds so they are not in a hurry to list. Basically, they are keeping a watching brief on market conditions,' he added.
For now, the target is for a listing at the Singapore Exchange later this year but the source described it as a "moving target".
"Now that there is approval, they can roll out any time," added the source, who asked not to be named. United are expected to offer both voting shares and non-voting preference shares, said the source.
Analysts said such a structure will allow the American owners of the club - the Glazer family - to effectively retain control.
