Glazer family prepared to sell Manchester United amid reports of $1bn flotation on Singapore stock exchange

Controversial Americans take first step on road towards cashing in on the Red Devils since acquiring a controlling stake through a leveraged buyout in May 2005 

Aug 16, 2011 

EXCLUSIVE 
By Greg Stobart and Wayne Veysey

Manchester United's owners, the Glazer family, are prepared to sell their entire stake in the club amid reports of a $1 billion (€695m) flotation on the Singapore stock exchange.The American owners are reportedly preparing an initial public offering for up to 25 per cent of the club by the end of the year depending on market conditions.

However, senior Manchester United figures have told Goal.com that the Glazers are willing to sell their entire stake in the Old Trafford club, which they bought for €900m in a leveraged buyout in May 2005.
The Qatari government has previously been credited with an interest in buying United but the Glazers' reported €1.9bn valuation is said to have been too prohibitive.
The latest reports come two months after it was speculated that the Glazers were considering floating the club on the Hong Kong stock exchange.
Bloomberg reported on Tuesday that no final decision has been made on an IPO but that the club is examining how to lower its financing costs and looking for extra money to expand and sign new players.
The club is looking to slash its £500m (€570m) debits which are still costing United £45m (€51m) a year to service despite paying out around £350m (€400m) to service the loans taken on to buy the club six years ago.
The Glazers' ownership has been shrouded in controversy, with many United fans angry that the club is in such debt despite an annual turnover of £286m (€326m) in its latest accounts for the year to June 30 2010.
Supporters groups have argued that the money spent to service the debt could have been used to improve Sir Alex Ferguson's squad and to keep ticket prices at a stable level during a tough economic period. The Green and Gold campaign, orchestrated by the Manchester United Supporters Trust, gained much support among fans in the 2009-10 season as they tried to force the Glazers out of the club.
The opposition to the Glazers' ownership inspired the Red Knights, a group of City bankers and lawyers, to attempt a €1.1bn takeover of the club in 2009. At its peak, the consortium amassed about 70 wealthy backers but the bid was ultimately thwarted by the Glazers' €1.7bn asking price.
The Americans, who also own NFL franchise Tampa Bay Buccaneers, have been constantly trying to wrestle with the club's finances. In January 2010, a bond issue raised £526m (€600m) to help them cut the mammoth costs of servicing the club's debts. Shortly after, they paid off high-interest Payment In Kind notes of £220m (€250m).