Manchester United announce stock listing

Manchester United has been listed on the New York stock exchange as "MANU"Manchester United have announced their share listing on the New York stock exchangeTen per cent of the club will be available for purchaseThe Glazer family, the club's controversial owners, look set to pocket half of the money raisedThe club is thought to be in roughly $663 million of debt

London (CNN) -- Manchester United has launched their listing on the New York Stock Exchange, Monday, with 16.7 million shares, representing 10 per cent of the club, up for sale.

Reports say that the shares should start trading somewhere between $16 and $20, with the club hoping to raise more than $300 million in the process.

However, the prospectus that accompanies the listing appears to suggest that the money raised will be split between the club and its owners, the Florida based Glazer family.

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"Manchester United today commenced its initial public offering of 16,666,667 Class A Ordinary Shares," said a statement issued by Sard Verbinnen & Co, the public relations firm hired by the English club to oversee the initial public offering (IPO) of shares.

"The Class A Ordinary Shares will be listed on the New York Stock Exchange and will trade under the symbol "MANU.""

Earlier in the day, the club announced a new sponsorship deal with General Motors. The seven year agreement will see the Chevrolet brand displayed on the front of United's shirts from the start of the 2014-15 season.

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