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Manchester United lines up New York Stock Exchange IPO
NEW YORK-Manchester United is expected to set a price for its initial public offering late Thursday and start trading Friday on the New York Stock Exchange as it tries to pay off more of the heavy debt piled on the Premier League club in its 2005 takeover by the Glazer family, which also owns the Tampa Bay Buccaneers.
The 134-year-old club, with a record 19 English championships, is one of the most well-known teams on the planet, so the IPO is highly anticipated. But some analysts say the debt-ridden team is overvalued and the offering is dependent on investors wearing their fan colors rather than their financial thinking caps.
"It's really trading on the level of fan interest as opposed to any sort of financial interest,[url=http://rogervivierflatsonline.albirank.net/][b]Roger Vivier Flats[/b][/url]," said Sam Hamadeh,[url=http://duveticapiuminiitalia.webmium.com/][b]Duvetica Piumini Italia Outlet Shop[/b][/url], CEO of PrivCo LLC, which researches privately held companies. "A winning team does not make a winning investment."
Half the 16.7 million shares are being sold by the club, and half by the club's owner,[url=http://rogervivierflatsonline.albirank.net/][b]sell discount 2013 Roger Vivier Flats Online Roger Vivier Online Store[/b][/url], a company controlled by the Glazers . The club expects to get $141 million out of the deal,[url=http://duveticaaustraliaoutlet.halod.com/][b]duvetica jackets aliaoutlet[/b][/url], which it will use to pay down debt. About 10 percent of the club's shares are being sold.
United's debt is a result of the Glazers' 2005 leveraged takeover valued at $1.47 billion. It carried 416.7 million pounds ($666,[url=http://cheapnikemercurialvaporsoccercleats.webmium.com/][b]cheap soccer cleats[/b][/url].2 million) in debt as of March 31. It had no debt when it was bought by the American family in 2005.
Malcolm Glazer is CEO of First Allied Corp.,[url=http://woolricharcticparkaherenoutlet.olimx.com/][b]Woolrich Arctic Parka Heren Outlet[/b][/url], a holding company with many business interests. His two sons Avram and Joel are co-chairmen of Manchester United.
After the stock offering, the Glazers will keep control of the team through Class B shares with 10 times the voting power of the stock that would be sold to the public.
The club is one of the most celebrated in the world. It claims 659 million followers and 26.9 million Facebook fans. It is especially popular in Asia, where its games are televised and its replica shirts and other products are huge sellers. But analysts are more skeptical when it comes to how viable as a financial commodity The Red Devils will be, because it is not a high-growth company like a tech startup and is heavily in debt.
United is hoping to expand its lucrative sponsorships and licensing deals. The team sold 2 million jerseys alone last year, and in total 5 million branded licensed products. And earlier this month it announced a $559 million,[url=http://monclerjackasverige.albirank.net/][b]moncler Jackor[/b][/url], seven-year shirt sponsorship agreement with Chevrolet. Commercial revenue rose 34 percent in 2011 to total 103.4 million pounds ($159.8 million).
But deals such as these are only one-third of the business,[url=http://billigeparajumpersjackendamen.albirank.net/][b]Billige Parajumpers jacken damen[/b][/url], said Renaissance Capital analyst Nick Einhorn. The other two-thirds comes from less-glamorous broadcast and ticket sales. Those aren't as high-growth areas as commercial revenue because prices increase more gradually over time. And ticket and broadcast revenue depends on how far the team goes in English and European cup competitions.
United's broadcasting revenue rose 14 percent to 117.2 million pounds ($181.1 million) in 2011. Matchday, or ticket revenue, rose 5 percent to 110.8 million pounds ($171.2 million.
"I think the club has to convince investors that the growth they're getting from the commercial segment outweighs the less exciting broadcasting and matchday pieces," Einhorn said.
Pouring a lot of money into the stock doesn't make sense, said Sam Hamadeh,[url=http://woolrichswedense.albirank.net/][b]woolrich arctic parka[/b][/url], CEO of PrivCo LLC, which researches private companies. The top end of the IPO price range would value the club at about $3.2 billion. That would make it the most valuable sports team on the planet,[url=http://giuseppezanottimenssneakers.webmium.com/][b]giuseppe zanotti sneakers men New Fall Winter 2013 Collection[/b][/url], Hamadeh said. It would dwarf the record $2 billion paid for the Los Angeles Dodgers baseball team.
And slashing the debt the Glazers loaded on the club has been a constant challenge,[url=http://parajumpersoutletitalia.albirank.net/][b]parajumpers Parka Piumini online shop abbigliamento[/b][/url], with the commercial operation ramped up and a London suite of offices employing dozens of people to squeeze every pound out of the brand.
The team expects to report a loss for the year ended June 30,[url=http://duveticaonlineitaly.albirank.net/][b]piumini duvetica outlet[/b][/url], excluding a tax credit,[url=http://merrellfootwearforkids.olimx.com/][b]discount 2013 merrell kids shoes outlet merrell barefoot shoes for kids[/b][/url], with revenue down 3 percent to 5 percent.
"You're really buying a team that is way overpriced,[url=http://billigtmonclerdunjackastockholmrea.olimx.com/][b]Billigt Moncler Dunjacka Stockholm[/b][/url], with no financial justification for the value,[url=http://cheapnikemercurialvaporsoccercleats.webmium.com/][b]http://cheapnikemercurialvaporsoccercleats.webmium.com/[/b][/url]," Hamadeh said.
Analysts aren't the only skeptics. Protests have raged against the Glazers since they bought the club and delisted it from the London market in 2005. Fans have sent more than 1 million messages against the IPO to the club sponsors and banks, rallying against the IPO and the Glazers' ownership of the team.相关的主题文章：

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