United thread 2012/13 (inc merged IPO thread)

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Re: United thread 2012/13.

Surprisingly, the stadium for the MLS All-Star game was louder than some games at OT last season.
 
Re: Utd and their Failed IPO

Football guy said:
What is a IPO window? Please explain


<a class="postlink" href="http://www.investopedia.com/university/ipo/ipo.asp#axzz21iBVzA6E" onclick="window.open(this.href);return false;">http://www.investopedia.com/university/ ... z21iBVzA6E</a>

Basically, shares, stock exchange stuff.

Just read that and then know utd offered basically nothing with the shares, no say in the company or anything.

So because of that no bugger wants to touch them and this method of raising cash looks like a dead end for utd for now at least.
They are claiming a volatile market atm, which is basically the same as saying noboby is that interested right now.
They have had a sniff around and found nobody interested.

Unless the Glazers offer better conditions i think it will stay dead as a means to get cash.
 
Re: Utd and their Failed IPO

What makes me laugh is the volatility excuse. Why would anyone invest in this ipo when you have no control, no dividend and the company is being bleed dry. Its not clear what the p/e ratio is for this offer so heaven knows what investors make of it.
 
Re: United thread 2012/13.

Reuters, Thursday July 26 2012

By Stephen Lacey and Olivia Oran NEW YORK (Reuters) - Manchester United is planning to launch the marketing road show for its proposed 193 million pounds U.S. initial public offering within days, after a delay earlier this week, sources familiar with the matter said on Wednesday. The British football club, which is controlled by the Glazer family, may start the road show as soon as Friday or early next week, according to the sources. The offering is expected to value the team at roughly $3 billion. But sources warned that market conditions could lead to further delays. The S&P 500 fell for the fourth day on Wednesday amid worries about the European debt crisis and earnings, and the volatility has already led to at least one delay. Sources familiar with the situation said on Tuesday that the club was planning a launch earlier this week but delayed it because of market conditions and was going to reevaluate conditions. If the launch happens as planned now, the club could price the offering in the week of August 13, the sources said. Manchester United could not be reached for comment. The offering is being watched closely by millions of the club's fans, who follow the team with almost religious fervour. The Glazers, who took control of the club in 2005, have been reviled for saddling up the team with too much debt, leading to fears that it would not be able to attract the best football players. The team has 423 million pounds of debt ($658 million), which the owners hope the IPO will help reduce. In 2010, a group of wealthy Manchester United fans known as the Red Knights, which included Goldman Sachs chief economist Jim O'Neill, tried to buy the team for 1 billion pounds, arguing that the team's value was in decline. The Glazer family, better known in the United States as owners of American football team the Tampa Bay Buccaneers, made their fortune owning and leasing shopping centres. The family will remain in control of the team after the offering through the use of a dual-class structure in which the Glazers' shares will have 10 times the voting power of average investors' shares. Their attempts to take the club public have, however, run into trouble. The team scrapped plans to list in Hong Kong and Singapore after demand came in weaker than expected. It had originally looked to raise as much as $1 billion in Singapore. Morgan Stanley, which was one of the underwriters for the offering planned in Singapore, dropped out of the syndicate for the U.S. IPO due to concerns that the valuation the team was seeking was not realistic, sources have previously said. Now, Jefferies Group Inc is the lead book runner in the syndicate, which also includes Credit Suisse, JPMorgan Chase, Bank of America Merrill Lynch and Deutsche Bank. The banks plan is to benchmark Manchester United against both traditional media companies as well as consumer goods companies. There have historically been few publicly traded sports teams in the U.S., with the exception of the Boston Celtics and Cleveland Indians - both now privately held. The company is slated to be listed on the New York Stock Exchange under the ticker "MANU." (Reporting By Stephen Lacey of IFR and Olivia Oran; Editing by Paritosh Bansal, Bernard Orr)
 
Re: Utd and their Failed IPO

Football clubs, in general, are a very poor investment. Most prudent investors would stay well away. Buying second-class shares with no voting rights when your growth is heavily dependent on you being more successful than competitors with very deep pockets like Sheikh Mansour and Roman Abramovich. You're damn right it's volatile and Manchester City are part of the glorious problem.
 
Re: United thread 2012/13.

JM Mcr said:
Reuters, Thursday July 26 2012

By Stephen Lacey and Olivia Oran NEW YORK (Reuters) - Manchester United is planning to launch the marketing road show for its proposed 193 million pounds U.S. initial public offering within days, after a delay earlier this week, sources familiar with the matter said on Wednesday. The British football club, which is controlled by the Glazer family, may start the road show as soon as Friday or early next week, according to the sources. The offering is expected to value the team at roughly $3 billion. But sources warned that market conditions could lead to further delays. The S&P 500 fell for the fourth day on Wednesday amid worries about the European debt crisis and earnings, and the volatility has already led to at least one delay. Sources familiar with the situation said on Tuesday that the club was planning a launch earlier this week but delayed it because of market conditions and was going to reevaluate conditions. If the launch happens as planned now, the club could price the offering in the week of August 13, the sources said. Manchester United could not be reached for comment. The offering is being watched closely by millions of the club's fans, who follow the team with almost religious fervour. The Glazers, who took control of the club in 2005, have been reviled for saddling up the team with too much debt, leading to fears that it would not be able to attract the best football players. The team has 423 million pounds of debt ($658 million), which the owners hope the IPO will help reduce. In 2010, a group of wealthy Manchester United fans known as the Red Knights, which included Goldman Sachs chief economist Jim O'Neill, tried to buy the team for 1 billion pounds, arguing that the team's value was in decline. The Glazer family, better known in the United States as owners of American football team the Tampa Bay Buccaneers, made their fortune owning and leasing shopping centres. The family will remain in control of the team after the offering through the use of a dual-class structure in which the Glazers' shares will have 10 times the voting power of average investors' shares. Their attempts to take the club public have, however, run into trouble. The team scrapped plans to list in Hong Kong and Singapore after demand came in weaker than expected. It had originally looked to raise as much as $1 billion in Singapore. Morgan Stanley, which was one of the underwriters for the offering planned in Singapore, dropped out of the syndicate for the U.S. IPO due to concerns that the valuation the team was seeking was not realistic, sources have previously said. Now, Jefferies Group Inc is the lead book runner in the syndicate, which also includes Credit Suisse, JPMorgan Chase, Bank of America Merrill Lynch and Deutsche Bank. The banks plan is to benchmark Manchester United against both traditional media companies as well as consumer goods companies. There have historically been few publicly traded sports teams in the U.S., with the exception of the Boston Celtics and Cleveland Indians - both now privately held. The company is slated to be listed on the New York Stock Exchange under the ticker "MANU." (Reporting By Stephen Lacey of IFR and Olivia Oran; Editing by Paritosh Bansal, Bernard Orr)


if this ipo does go ahead how many shares would you be prepared to buy?

exactly.
 
Re: Utd and their Failed IPO

IMO the whole thing was doomed before it started. Maybe I'll be proved wrong.

The Glazers wanted someone to pay off the debt they put on a club that they couldn't afford to buy in the first place and at a premium price. Who would invest in this situation apart from deluded fans. IPOs are designed to bring in investment to expand a business. In football terms this would mean ground expansion, player purchase, better systems to improve efficiency and cut costs. The Glazers grand plan was to pay off the debt, great, here's 100 million to pay off your/clubs debt rather than invest for the future or for new revenue streams..

United have whored their name and maximised revenue in the marketing side of the business. They have also had a good run in the PL and Europe and maximised revenue here. There is not a huge upside in growth terms to make this attractive for someone with cash to invest. The only major upside is being able to sell their own TV rights and this won’t happen in the near future.

IMO the Glazers have ruined United, they can't afford to run it and it is over leveraged.

It will be interesting to watch their financial demise, if they fuck up in the CL it could come sooner than we hope.

Ha ha ha ha ha ha ha
 
Re: Utd and their Failed IPO

This IPO was initiated with the disclosure of only part year financial results declared, does anyone know how long they can postpone the IPO before they have to declare the vital full years results which promise to be far worse than the original declaration?
 
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