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Many have focused on the negatives of the prospectus the board released in relation to the IPO. They focused on the potential pitfalls alluded to and ignored the favourable points raised.
Why? Because it makes better headlines which sell more papers. What they failed to mention was that the Glazers had to list all potential risks and that these were worst case scenarios. Switching from Singapore to the U.S. meant the club could no longer rely on their rabid Asian fan base buying shares.
The focus would now be on the club as a business model. And in that regard few clubs can match United. Strong commercial contracts with known American brands like AON, GM and Nike will appeal to U.S. investors as will the recently inked deal with DHL.
The timing of the £3 billion EPL TV deal couldn’t have been better in terms of the IPO. Sports are big business these days and the money involved continues to grow.
It’s not often an asset like Man United goes on the market so I expect the shares to be snapped up and the club to make well in excess of the £100 million guideline.