Man Utd plans to sell shares for $16 on US market

Footballing giant Manchester United has said it plans to raise as much as $330m (£210m) in a share sale in New York, to help pay down its debts.

According to the BBC, documents filed with the Securities and Exchange Commission said Man Utd is aiming to sell 16.7 million shares at between $16 and $20 each. The share sale comes after a slide in revenues at the club, which last year was knocked out from the Champions League in the group stages by Basel. It said total revenue for the year to June was between £315m and £320m, down as much as 5% from last year. It said an 11-13% drop in broadcasting revenues - to £102m to £104m - caused by its failure in the Champions League group stages, was a key driver of the fall in revenues....