There were no big scores for Manchester United as sales of shares in the world’s best known football team kicked off on the New York Stock Exchange.
The debut for the debt-laden club was disappointing.
The share price – at 14 dollars – was lower than the expected range of 16 to 20 dollars and the shares rose only a few cents on the first day of trading.
That means the club, and its owners, have raised 233 million dollars.
The shares sold by the club will help reduce some of the around 682 million dollars worth of debt.
But many of the fans are angry that the American owners – the Glazer family – will pocket their half of the money raised without contributing to paying down the debt that comes from the large sums they borrowed to buy the club seven years ago.
Analysts said the luke warm reception for the shares underscored investor wariness for sports teams with their reliance on results and caution over initial public offerings since Facebook’s shaky debut.