United shares to trade at discount

Manchester United shares will start trading in New York on Friday at a big discount on the club's earlier expectations over its worth.

United's advisers will offer a 10% stake at a price of 14 US dollars (£9), valuing it at around £1.5billion, but much lower than the range of 16 to 20 US dollars (£10-12) it had hoped to achieve, worth up to £2.1billion.

The club, bought by the Glazer family in 2005 for about £800million, will raise about 233 million US dollars (£149million) and this will be partly used to pay off some of its debt.

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