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Manchester United files for IPO in US
Question of the Day
European soccer’s governing body is phasing in spending restrictions over several seasons, known as Financial Fair Play. Under the rules, clubs have to break even from soccer operations, or they risk being excluded from European competitions starting with the 2014-15 season.
But United is by far English soccer’s biggest moneymaker, helping to soften the impact of its debt.
The filing revealed the club received 25.6 million pounds from Nike in 2010-11 under its 303 million pound, 13-year deal with the equipment supplier, which has three years remaining, and another 5.7 million pounds as its split of the profits.
Its shirt sponsorship with the insurance company AON, which runs through the 2013-14 season, and a separate agreement with the company that runs through June 2015 guarantees 88 million pounds, up from a 14 million pound-a-year deal with AIG that ran for three years through the 2009-10 season.
New media and mobile revenue alone was 17.2 million pounds in 2011.
Managers of the offering are Jefferies & Co. Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. United does not intend to pay dividends to shareholders.
Several other Premier League teams have U.S. owners, including Arsenal (controlled by Stan Kroenke), Liverpool (by the parent company of the Boston Red Sox), Aston Villa (Randy Lerner) and Sunderland (Ellis Short).
AP Sports Writer Rob Harris in London contributed to this report.
By Robert N. Tracci
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