By rule, the Glazer family can’t sell stock in the NFL team they own. But there’s no such rule that applies to their English soccer club, Manchester United.
According to the Associated Press, the Glazers filed a registration Tuesday to conduct an initial public offering of stock. Under the proposal, Manchester United would become a listed company on the New York Stock Exchange.
It’s hardly a Packers-style sale of phony non-stock stock. The Glazers’ goal is to raise a maximum of $100 million.
Stock in Manchester United previously was traded on the London Stock Exchange, from 1991 through 2005. After the Glazers bought the club, it became a private concern.
Last year, the club pursued a $1 billion offering on the Singapore stock market. The plan was scrapped, reportedly due to volatility in the global markets.
UPDATE 10:17 a.m. ET, 7/4/2012: Contrary to the characterization by the AP that the Glazers hope to raise a maximum of $100 million, the BBC reports that $100 million represents the minimum goal.