As covered last time, the Glazers have expressed an interest in selling part of Manchester United back from whence it came, namely the stock market. It was reported at the beginning of August that the American owners were considering a flotation of shares on the Singapore Exchange, however the offering was shelved as fears over the United States credit rating downgrade, the Eurozone debt crisis and the ailing global economy derailed world markets in September.
Now, just over a month later, markets have almost fully recovered to the levels seen in August following the persistent efforts of world leaders to stem the financial crisis. In fact, the Singapore Index last traded at $12.79 or just 1% lower than the $12.93 level when reports started surfacing about the United IPO.
Does this mean the IPO is back on? There are still plenty of problems that may affect the “way the markets are looking”, but it is a decent bet that the Glazers will be more than happy to sell into any market strength.