United 'to sell stake in Singapore'
Manchester United are to sell off a stake in the club in Singapore in order to pay off a portion of their debts and further develop their business in Asia, Press Association Sport understands.
The Barclays Premier League champions currently have debts of more than £500million but they could hope to clear a large proportion of that by floating on the Singapore Stock Exchange.
The club has lodged a submission to launch an Initial Public Offering (IPO) - a flotation - with the intention of being listed on the stock exchange by the end of 2011.
The submission process will take between four and 12 weeks, followed by a further fortnight of administrative proceedings which will see United floating in the fourth quarter of the year.
The north-west club already have 192 million supporters in Asia, out of a worldwide total of 333 million, and the flotation means they can develop commercial links and increase their fanbase.
In contrast to much of the western world which is in a deep recession, Asia's economy is continuing to grow, rebounding quickly after a short slump.
It is not yet certain what proportion will be floated or how much the Glazer family, United's owners, are hoping to raise although some reports are estimating between £400m and £600m.
Manchester United were not commenting.