By Lynn Cowan and Marietta Cauchi
U.K. soccer club Manchester United is moving ahead with IPO plans for the U.S., selecting a team of bankers to manage the deal.
The underwriters will include Jefferies Group Inc. (JEF), Credit Suisse Group (CS) and J.P. Morgan Chase & Co. (JPM), according to a person familiar with the offering. Morgan Stanley (MS), which was originally on the team to bring the deal in Singapore, likely won't join the U.S. listing syndicate, said a person familiar with the deal.
The exact timing of the launch is unclear, as is the possible listing venue.
Manchester United, one of the most successful teams in professional soccer, is setting its sights on a U.S. IPO after calling off plans for a US$1 billion Singapore initial public offering late last year amid volatile markets.
The Glazer family, headed by American businessman Malcolm Glazer, is also owner of the National Football League's Tampa Bay Buccaneers.
Manchester United representatives declined to comment.
Manchester United traces its origins back to 1878, when its predecessor, Newton Heath LYR, was formed by railway yard workers. It joined the Football League in 1892, and changed its name to Manchester United in 1902 when a brewery owner invested in the team. Over the years, the team's title wins and its financial health have ebbed and flowed. Since 2000, it has won numerous titles, including five FA cups and the FIFA Club World Cup in 2008, but it lost the English Premier Title game last month to Manchester City.
-P.R. Venkat and Prudence Ho contributed to this article.
-Write to Lynn Cowan at firstname.lastname@example.org or Marietta Cauchi at email@example.com