[Modern Football Finance] Manchester United Pte Ltd
Interesting story breaking on IFR this Tuesday lunchtime:
RTRS-PREMIER LEAGUE CHAMPIONS MANCHESTER UNITED PLANS $1 BLN IPO IN SINGAPORE BY YEAR-END – IFR
English Premier League football champions Manchester United plans an initial public offering in Singapore by the end of the year,
[Modern Football Finance] Arsenal edition
Some further thoughts on Stan Kronenke’s £731m cash offer to take control of Arsenal Holdings from the ever informative Andersred blog.
One is the whacking multiple the US sports franchise billionaire is prepared to pay for the Premier League club.
[Modern Football Finance] Something rotten in British football
A speech by Paul Marshall, the co-founder of Marshall Wace, (and Manchester United fan) to the Liberal Democrat autumn party conference on Monday night.
(Warning — it’s long.)
——
We are convening in the home town of one of the greatest English football clubs – in fact I would go as far as to say the second greatest.
[Modern Football Finance] Results day
MU Finance, part of the complex web of vehicles that control Manchester United, has filed results for the second quarter of 2009 and…
…there’s nothing too surprising in the figures, which is to be expected given that it’s been barely a month since the MU Finance launched its controversial £500m bond issue.
[Modern Football Finance] The Aftermarket
Oh dear.
That Manchester United notes offering is not faring so well in the aftermarket.
The price of the sterling 8.75 per cent tranche has fallen very sharply from its issue price of 98.089 in the first four days of trading.
[Modern Football Finance] They think it’s all over…
… it is now. Presenting the pricing details for the Manchester United’s senior notes offering.
Emphasis ours.
Issuer: MU Finance plc.
Sec Type: Senior Secured Notes (144A/RegS,
[Modern Football Finance] Some people are on the pitch… (Updated)
Official price talk — or the indicative range — for Manchester United’s controversial £500m bond issue is expected on Thursday and if the market whispers are correct it could be the club’s best result of the season.
[Modern Football Finance] Penalties
As titles go it’s a bit unwieldy. But this piercing piece of analysis, by a City fund manager and member of the Manchester United Supporters Trust, is creating something of buzz in the blogosphere:
ANALYSIS OF THE GLAZER BOND DOCUMENTS SHOWS MANCHESTER UNITED WILL HAEMORRHAGE OVER HALF A BILLION £ IN CASH IN THE NEXT SEVEN YEARS.
[Modern Football Finance] Extra Time
The more that Manchester United’s £500m senior notes offering is picked over, the less appealing its looks, especially at the 9.25% interest rate implied by the pro-forma figures in the prospectus.
Here’s something we picked up from Covenant Review,
[Modern Football Finance] PIKing apart the Man Utd refinancing
You have to look hard to find it, but it’s there in the notes on page 30 of the (printed) prospectus — what appears to be a key reason for Manchester United’s £500m senior notes offering and refinancing.
[Modern Football Finance] Man Utd edition (updated)
Click to enlarge…
Not the standard 4-4-2 formation is it?
That’s the corporate and financing structure of Manchester United FC.
The diagram comes from the prospectus to the £500m senior secured notes offering launched on Monday morning.
[Modern Football Finance] Debt double-Glazering
On sale today:
Issuer: MU Finance plc.
Sec Type: Senior Secured Notes Distribution: 144A and RegS (no Reg Rights)
Amount: £500,000,000 equiv.