Glazers plan to take Manchester United public in U.S.
The Glazer family is taking Manchester United public and it is doing so in the United States.
The Associated Press reported the Glazers, who own the Tampa Bay Buccaneers, have filed a registration statement with the Securities and Exchange Commission to hold an initial public offering of stock.
It is clear the Glazers are working to raise capital for their cash-strapped venture with the world’s most prominent sports franchise.
“We intend to use all of our net proceeds from this offering to reduce our indebtedness," the team's filing said.
Stock in the team was previously available on the London Stock Exchange. The Glazers purchased the team seven years ago with a leveraged buyout. Right or wrong, many have accused the Glazers of going on the cheap with the Buccaneers since gaining control of United. No one can dispute cash has been an issue though.
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Brad Biggs covers the Bears for the Chicago Tribune