- Associated Press - Friday, September 16, 2011

SINGAPORE (AP) - A person familiar with the deal says Manchester United’s planned $1 billion public offering has been approved by Singapore’s stock exchange. The public offering likely will happen by the end of the year.

The person is not authorized to discuss the matter publicly and spoke on condition of anonymity to The Associated Press. The person adds that the listing for the American-owned club would involve ordinary and nonvoting preferred shares.

Manchester United is owned by the Glazer family. It has been valued at $1.9 billion by Forbes magazine, which has ranked it as soccer’s most valuable team for the last seven years. However, the club has about $750 million of debt.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

SINGAPORE (AP) _ A person familiar with the deal says Manchester United’s planned $1 billion public offering has been approved by Singapore’s stock exchange. The public offering likely will happen by the end of the year.

The person is not authorized to speak publicly and spoke on condition to The Associated Press. The person adds that the listing for the American-owned club would involve ordinary and nonvoting preferred shares.

Manchester United is owned by the Glazer family. It has been valued at $1.9 billion by Forbes magazine, which has ranked it as soccer’s most valuable team for the last seven years. However, the club has about $750 million of debt.

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