Manchester United Ltd., the record 19-time English soccer champion, is considering moving its initial public offering to the U.S. from Asia as it seeks to secure the best valuation, said people with knowledge of the plans.
Manchester United, which previously planned to raise about $1 billion in Singapore, has not made a final decision, said the people, who declined to be identified because the deliberations are private. Banks pitched the idea of a U.S. listing to the Glazer family, the club’s U.S. owners, one of the people said.
Credit Suisse Group and J.P. Morgan Chase will remain lead managers for the IPO, while Morgan Stanley (MS), hired for Manchester United’s share sale in Singapore, would no longer advise on the deal if the company opts for the U.S., said the sources.
A spokeswoman for Manchester United declined to comment. Credit Suisse spokesman Stephen Vames declined to comment, as did J.P. Morgan spokeswoman Elizabeth Seymour. Phone calls to Morgan Stanley weren’t immediately returned.
Manchester United received the Singapore stock exchange’s approval in September to raise $1 billion in an IPO, but the process was stalled as volatile stock markets roiled equity sales, people with knowledge of the matter said at the time.
Singapore’s benchmark stock index, the Straits Times Index, has fallen about 13% since August, when Manchester United was contemplating an IPO there. The index has declined 8% from its high in March this year. The Standard & Poor’s 500 has gained 5.3% this year.