For those asking me about it, it is just too early to say what it means. We are seeking clarification on a number of issues - for example what percentage of shares are up for sale and what price they are valuing the club at.
Initial MUST Response (more of a holding statement) can be foudn at this link:http://action.joinmust.org/index.php/bl ... n-of-mufc/
Also, Andersred interesting initial tweets:
For those asking "are we going back to being a plc?". If story true then answer is yes but not in UK and with a majority owner (the Glazers)
Key Q re IPO of #MUFC is "where does the money go?". If used to reduce club debt then a good thing. If off to Florida makes no difference.
Impossible to say whether an IPO of #MUFC is good or bad, I'd guess little direct benefit to club, good for the Glazers personal finances.
The bond was meant to release club cash to pay down PIKs, green and gold killed that idea ---> plan B, refinance PIKs then IPO
Possible upside for fans: Opp for fans to buy stake, more transparency, reduces need to pay special dividends out of club.
Glazer family found £249.1m ($400m) in November 2010 to repay PIKs. Almost certainly borrowed. IPO would repay that loan.
Beyond unlikely that proceeds from an IPO would be used to pay down club's debts. Almost certain to go to Florida to pay family debts.
If (IF) club is worth £1.6bn then deduct net debt of £400m gives value of shares £1.2bn so $1bn would be c. 50%.
The logic of IPO to Glazers is to release much needed cash for themselves from their ownership of the club whilst retaining control.
No inside track on #MUFC IPO story except to say a) I know they have been looking at an IPO in recent months and b) Singapore weird choice
If true they are selling a minority stake.