Manchester United has planned a $1 billion initial public offering in Singapore by the end of the year, depending on market conditions, Economic Times reported.
Morgan Stanley and other bank were close to winning the mandate for the IPO, but others could be added to the group , the reports said.
Credit Suisse Group AG is working on the deal, which may take place this year. There were speculations in recent months about Manchester United listing in Hong Kong, which has become the venue of choice for global brands such as fashion house Prada SpA and cosmetics maker L’Occitane International.
The Premier League team also favors Singapore even after considering Hong Kong for IPO. The IPO of a globally recoginised brand such as Manchester United will be a coup for Singapore, which has been competing with Hong Kong for international listings.
Despite winning the biggest IPO in Asia Pacific during the first half of 2011 - the $5.45 billion deal from Hutchison Port Holdings Trust in March - Singapore's $7.1 billion in IPO proceeds in the period paled to Hong Kong's $13.4 billion.
Manchester United is the wealthiest and widely supported football teams in the world having won a record 19 league titles, a record 19 league titles, a record 11 FA Cups and four League Cups.
