Manchester United has set the terms for its US initial public offering and said it will offer 16.67 million shares at between $16 and $20 each.
This values the club at $3.3 billion at the top of the range.
Manchester United has been struggling with a hefty debt burden ever since being acquired by the family of Florida-based businessman Malcolm Glazer and his family in 2005.
The club and the Glazers each will be selling half the IPO shares in an offering that will raise as much as $333m.
The proceeds from the IPO will be used to reduce its debt. The Glazers will remain in a dominant position after the offering with 89.8% of the Combined class A and B shares.
The IPO may be a tough sell in the US given the lack of US publicly traded sports teams to compare Manchester United against and given that many Americans do not regard soccer as a major sport.
The company's latest financials may also give investors pause. Revenue for the fiscal year 2012 is expected between £315-320m, down 3-5% from the previous year. Operating expenses also increased 4-5% as a result of a jump in player and staff compensation.
The details of the sale were announced just as it was revealed that the club had 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 $600m, Reuters reported.
Manchester United will kick off a two-week investor roadshow this week, with stops expected in the US, Europe and Asia, according to a source familiar with the company's plans who was not authorised to speak publicly about them.
The roadshow stops will be done concurrently, with two separate management teams covering different geographies. One will be responsible for meeting with investors in the US and the other with investors in Europe and Asia. Pricing is expected on August 9.
The team chose to list in the US after scrapping listings in Singapore and Hong Kong. It had originally looked to raise as much as $1 billion in Singapore.
The Glazers also own US football team the Tampa Bay Buccaneers. They will retain control after the sale because their Class B shares will have 10 times the voting power of average investors' Class A shares.
