Manchester United seeks to raise $383m in NYSE float

The club plans to sell up to 19.1m shares for as much as $20 each..

By AGENCIES

MANCHESTER United is seeking to raise up to $383m (£243m) on the New York Stock Exchange in the biggest test of investors' appetite for a football club in years.

Manchester united manager Sir Alex Ferguson says Bebe may yet have Old Trafford future

Investors are likely to examine the increasing competition that Manchester United now faces for the most lucrative trophies from Premier League rivals Manchester City and Chelsea.

Investors are likely to examine the increasing competition that Manchester United now faces for the most lucrative trophies from Premier League rivals Manchester City and Chelsea. The Glazer family, which acquired the club for $790m in 2005, will keep control of all the major decisions.

Details of the initial public offering came as the club finalised a record seven-year shirt sponsorship deal with US carmaker General Motors estimated to be worth £28m a year or almost £200m over its lifetime.The Chevrolet deal breaks new ground in soccer sponsorship and gives GM a huge marketing platform provided by United’s 659m supporters around the world, as well as strengthening links between the club and the US.

However, the deal was overshadowed at GM by the abrupt departure of its top marketing executive. GM refused to comment on the reasons behind the sudden exit of Joel Ewanick, who had been hired to revamp the carmaker's marketing strategy. Spokesman Greg Martin said: “He failed to meet the expectations that the company has for its employees.”

There were suggestions that Mr Ewanick, 52, had withheld details about an earlier United deal. One insider said he had not properly reported financial details about an automotive sponsorship agreement with United.

Six weeks ago, United signed a five-year agreement to use Chevrolet cars. GM has followed this up with a similar deal with Liverpool.