Associated Press
Friday, August 10, 2012
NEW YORK — Soccer club Manchester United made a disappointing debut Friday on the New York Stock Exchange, even after opening at a discounted price, with enthusiasm for the celebrated team overshadowed by its debt load and financial track record.
Many had expected that fans of one of the most famous soccer clubs in the world would snap up shares, leading to a pop in early trading, but that didn't materialize. Some analysts had warned that the initial public offering was overvalued, particularly since the club is debt-ridden and the family that owns it, the Glazers, retained almost total voting control over the team. The Glazers also own the Tampa Bay Buccaneers.
"There was a lot of wing flapping, but not much flying today," said John Fitzgibbon, the founder of IPOScoop.com.
Manchester United PLC's shares ended the day's trading on the ...