USA/FILE: FOOTBALL/SOCCER: Manchester United executives emerge from New York roadshow meeting ahead of share issue

Record ID: 336434

  • Title: USA/FILE: FOOTBALL/SOCCER: Manchester United executives emerge from New York roadshow meeting ahead of share issue
  • Date: 6th August 2012
  • Summary: NEW YORK, NEW YORK, UNITED STATES (AUGUST 6, 2012) (REUTERS) VARIOUS OF MEMBERS OF MANCHESTER UNITED ROADSHOW TEAM WALKING DOWN SIDEWALK AFTER COMPANY ROADSHOW MEETING, TWO UNIDENTIFIED MEMBERS FOLLOWED BY COMMERCIAL DIRECTOR RICHARD ARNOLD WHO IS WEARING A BLUE TIE MANCHESTER UNITED MANAGEMENT WALKING INTO BUILDING VARIOUS OF ROADSHOW ATTENDEES LEAVING HOTEL WHERE THE MEE
  • Embargoed: 21st August 2012 13:00
  • Keywords:
  • Location: Usa, United Kingdom
  • City:
  • Country: USA
  • Topics: Business,Finance,Sports
  • Reuters ID: LVA9E6SYAU4T3IPV7USYRYFLEK0L
  • Story Text: Executives from British soccer club Manchester United visited New York on Monday (August 6) as the company seeks to market itself to potential investors as a global brand similar to Disney ahead of an initial public offering planned for later this week.
    The IPO marks one of the most high profile of the year, even as it has raised questions from investors about its potential peer group, as well as its lofty valuation.
    The deal also comes amid protests from the team's fans that that the team's owners, the American Glazer family, have saddled Manchester United with too much debt after its takeover in 2005.
    Manchester United is trying to raise up to $333 million (USD), valuing the company for as much as $3.3 billion. Pricing is expected on Thursday.
    The team's chief operating officer Michael Bolingbroke, commercial director Richard Arnold, as well as executive vice chairman Ed Woodward were all in attendance at the roadshow. Woodward is a former J. P. Morgan banker who joined the team following its buyout by the Glazers.
    The team's chief executive officer David Gill was not present, however, as he was marketing the team to investors abroad.
    Manchester United is trying to convince potential investors that it should not be classified as a sports team, but as a powerful global brand with significant room to grow.
    The company is being compared to large media companies like Disney, as well as consumer names like Michael Kors and Lululemon, according a person close to the deal.
    The company's push towards emerging markets is also attractive, he said, as it has plenty of room to grow.
    Manchester United's broadcast revenue, around a third of the team's overall revenue, is generated from contracts with the Premier League and Champions League, and payments are reliant on the number of matches for broadcast. Its match day revenue is similarly dependent on the number of games the team plays.
    The event, held on the roof of the St. Regis hotel in Midtown, marked the second week of Manchester United's IPO roadshow. Two management teams are traveling around the globe, one of which is marketing the deal to investors in the U.S. and another in Asia and Europe. In the U.S., the management team has already met with investors in the Mid-Atlantic region, including Philadelphia and Boston, and will venture to Denver, Kansas City, San Francisco and Los Angeles later this week.
    Around 200 investors were in attendance at the event who received red Manchester United hats and soccer balls.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2012. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register