Manchester United football club’s $1bn initial public offering in Singapore will use a two-tier share structure that will minimise the influence of outside shareholders over the US-based Glazer family.
The ability to use a dual share structure, in which some shares have more voting rights than others, was an important reason for the club’s decision to switch the IPO from Hong Kong to Singapore, according to people with knowledge of the transaction.
“There will be a dual share structure because that makes most sense for the business. The club could not have done that in Hong Kong and it is an important reason why they chose Singapore. But it is not the main reason,” one of the people said.
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