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Man Utd shares debut in New York Manchester United shares debut in New York
(40 minutes later)
Shares in Manchester United have begun trading on the New York Stock Exchange (NYSE).Shares in Manchester United have begun trading on the New York Stock Exchange (NYSE).
The shares debuted at $14.05, up from the float price of $14, opening trading with the stockmarket ticker MANU.The shares debuted at $14.05, up from the float price of $14, opening trading with the stockmarket ticker MANU.
Ten percent of the club has been sold on the markets, which means it has raised $233m (£150m).Ten percent of the club has been sold on the markets, which means it has raised $233m (£150m).
On Thursday, Manchester United was forced to cut the value of the shares to $14 each from $16-$20.On Thursday, Manchester United was forced to cut the value of the shares to $14 each from $16-$20.
It initially wanted to raise up to $333m with the float.It initially wanted to raise up to $333m with the float.
Ed Woodward, vice chairman of Manchester United, said that the club reduced the share price because more investors were comfortable with that figure.Ed Woodward, vice chairman of Manchester United, said that the club reduced the share price because more investors were comfortable with that figure.
"The huge number of high-quality institutional investors that were there at $14 just made us more comfortable in terms of the longer-term view here, with regard to the type of investor base we wanted," said Mr Woodward."The huge number of high-quality institutional investors that were there at $14 just made us more comfortable in terms of the longer-term view here, with regard to the type of investor base we wanted," said Mr Woodward.
As expected, trading in the shares was subdued, as many analysts had warned that the offer price overvalued the club. As expected, trading in the shares was subdued, as some analysts had warned that the offer price overvalued the club.
But the floatation was closely watched on both sides of the Atlantic.
The NYSE celebrated the share launch by laying astroturf between the bell and the club's market-maker.The NYSE celebrated the share launch by laying astroturf between the bell and the club's market-maker.
Manchester United executives, including members of the controlling Glazer family, rang the opening bell on the exchange, while some traders sported the club's shirt. Manchester United executives, including members of the controlling Glazer family, rang the opening bell on the exchange, while some traders sported the club's shirts.
Big deal?Big deal?
The shares do not pay a dividend to investors, and it is not clear exactly how much of the money raised will go towards paying down the club's debts and how much will go to the Glazers. Around half of the money raised will go to paying off the club's debts, with the rest going to the Glazers.
A number of analysts have warned the shares offer little value to investors. The shares do not pay a dividend to investors, leading some to analysts have warn the shares offer little value to investors.
"Maybe a few hedge funds will take a small punt of $5m-$10m, which if it goes bad, they can easily write off, Mike Jarman, chief market strategist for H20 Markets - a former professional footballer and a Manchester United fan himself, told the BBC. Mike Jarman, chief market strategist for H20 Markets - a former professional footballer and a Manchester United fan himself, drew parallels with the recent stockmarket float of social media giant Facebook.
He dubbed the sale "son of Facebook" - referring to the social media company's recent stockmarket floatation. Facebook shares started trading in May with a guide price of $38, but they are currently changing hands at around $21.
Facebook shares opened trading in May with a guide price of $38, but they are currently selling at around $21.
"Son of Facebook? I wish it was - but it's even worse than that. It's priced to fail," said Mr Jarman."Son of Facebook? I wish it was - but it's even worse than that. It's priced to fail," said Mr Jarman.
The club had tried unsuccessfully to list the shares in Singapore, but a reported lack of interest led it to pull the sale. The club cancelled plans to list the shares in Singapore earlier this year, citing difficult economic conditions.
It then tried to list in London, before confirming that it would list in New York.
Underlying valueUnderlying value
Despite the scepticism voiced by many analysts, the club itself maintains it has strong financials. Despite the scepticism voiced by some analysts, the club itself maintains it is strong financially with good growth prospects.
Its commercial revenue grew from £66m in 2009 to £103m in 2011, thanks to sponsorship and merchandising deals. Its commercial revenue increased from £66m in 2009 to £103m in 2011, thanks to sponsorship and merchandising deals.
It made a profit of £13m on continuing operations in 2011. It estimates that it will have made profits of £23m in 2012, but this includes a tax credit of almost £30m.It made a profit of £13m on continuing operations in 2011. It estimates that it will have made profits of £23m in 2012, but this includes a tax credit of almost £30m.
Without the credit the club would have made a loss, it said.Without the credit the club would have made a loss, it said.
The Old Trafford club said it intended to increase revenue and profits in the coming years from sponsorship deals, sales of Manchester United branded products, broadcasting rights and improving its new media and mobile offerings.The Old Trafford club said it intended to increase revenue and profits in the coming years from sponsorship deals, sales of Manchester United branded products, broadcasting rights and improving its new media and mobile offerings.