Re:
Megablast, 9/17/2011 2:02 AM:
Fai anche il 90.
Incasseranno un mld lol ma chi lo scrive l'articolo? L'han già fatto il prezzo? Considerando anche il fatto che minimo un centinaio di milioni andrà a chi si occuperò della quotazione.
Metà ottobre.
E' il club che si aspetta un miliardo.
Io dovevo pur mettere la cosa sensazionalistica per attirare verso il topic
FT
Man Utd reduces debt ahead of IPO
By Christopher Thompson
Manchester United has reduced its net debt by nearly £70m on the back of record full-year revenue ahead of the football club’s expected $1bn initial public offering in Singapore.
Red Football Limited, the holding company that owns the Premier League champions, recorded a 15.7 per cent jump in full year turnover to £331.4m in full-year results to 30 June buoyed by new sponsorship money, and higher match day and media revenues.
The club’s net debt fell from £377m to £308m although annual interest payments increased by £3.5m to £43.5m. Part of the rationale for the upcoming IPO in Singapore is to “de-lever the club further” according to a person close to the company.
Pre-tax profits rose from a loss of £14.9m in 2010 to £29.7m boosted by a £16.4m exchange rate gain on the company’s US dollar debts. That helped compensate for a slimmer profit margin which declined nearly 2 percentage points to 33.5 per cent. Operating profit increased by more than £9m to £110.8m.
The club reported a cash balance of £150.6m, although that was before the summer transfer season in which some £50m has been spent on new players.
The results represent the opening salvo for the IPO, which is expected to take place in mid- to late October.
It is expected the club will use a two-tier share structure that will minimise the influence of outside shareholders over the US-based Glazer family which acquired Manchester United for £790m in 2005.
Chris Searle, a corporate finance analyst at the accountants BDO, said the latest results could contribute to the IPO’s success but expressed reservations about the two-tier share structure.
“This will only be palatable to investors as long as results, both financial and on the football field, keep going the right way,” he said. “If they don’t, incoming investors may come to rue the lack of control they will be able to exercise.”
People close to the listing process said it was modelled on the US sports industry, where top teams are required to have a single designated owner to ensure stability and quick decision-making.
The banks marketing the IPO, led by Credit Suisse, are also expected to argue that having a single owner has been good for Manchester United in spite of the club’s debt burden.