News of this plan came as journalists scoured documents filed as part of the Glazer family’s latest effort to deal with Man U’s debt problems by floating its shares on the New York Stock Exchange.
The Premier League club, which in April was valued by Forbes magazine at $2.24bn – making it the world’s most valuable football club for the eighth year running – is seeking to raise a reported $100m (£64m), to help it reduce staggering debts of more than £400m, which the Glazer family took on in order to buy it.
Previously it had considered floating on the Singapore market.
According to the Guardian newspaper, one of several news organisations to report the Cayman angle, the registration statement filed by Man U “makes it clear that the Glazers have reorganised the ownership of United, via the Cayman Islands, so they can realise cash from investors while retaining control of the club".
It adds: “The United shares will be split into two classes, A and B; the A shares will be offered for sale to investors on the New York Stock Exchange while the Glazer family will retain ownership of the B shares, which carry 10 times the voting rights of the A shares.
“Manchester United Ltd, reorganised to be a Cayman Islands company, will, the document says, remain owned by the "linear descendants" – the five sons and one daughter – of Malcolm Glazer.”
To read the report in full, click here.
