Glazers file for Singapore listing

Manchester United have filed a listing application at the Singapore stock exchange.   They are expected to offer 30 per cent of the company for sale and hope to raise £600m.   The listing is expected to take four to twelve weeks to complete.


Although some of the proceeds would be used to pay down the club’s £515m debt, it may also lead to additonal money being made available in the January transfer window.    The club will not, however, compromise a pay structure that ensures that wages account for less than 50 per cent of turnover.

Fernandes seals QPR deal

Malyasian entrepreneur Tony Fernandes has completed his takeover of Queens Park Rangers.  He has bought out the stakes of majority shareholders Bernie Ecclestone and Flavio Briatore giving him a 66 per cent stake in the club.  


QPR said Mr Fernandes would become chairman and Amit Bhatia, the son-of-law of steel entrepreneur Lakshmi Mittal, who owns the remainder of the club, would return as vice-chairman.  He resigned in May angered by board decisions to sack former chief executive Ishan Sakesensa and to increase ticket prices.

QPR announcement expected today

An announcement that Air Asia entrepreneur Tony Fernandes has acquired a majority stake in Queens Park Rangers is expected today.   Most reports refer to a 51 per cent holding, but another possible formula is a 56 per cent stake for Fernandes while Lakshmi Mittal would increase his stake to 43 per cent.   He and Fernandes are reported to have struck up a good relationship.

Argyle takeover by end of week

With Plymouth Argyle experiencing a faltering start to the season, joint administrator, Brendan Guilfoyle, has reiterated that he expects the takeover to go through by the end of this week.

Guilfoyle said: ‘We asked of proof of funds from BIL, which is the company that Kevin Heaney’s behind, and we haven’t had proof of funds [yet], but what we have had from his solicitors is evidence of a funding line that he’s working on and there’s some due diligence going on.’