Manchester United Ltd. has filed documents with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of up to US$100mn. The record 19-time English Premier League (EPL) champions plan to list its Class A shares on the New York Stock Exchange.

The company called off plans for a US$1bn IPO in Singapore citing volatile markets.

“We intend to use all of our net proceeds from this offering to reduce our indebtedness,” the Manchester United filing said.

The UK soccer club would be one of the first sports teams to go public in the US in more than a decade, reports said. Manchester United team was listed on the London Stock Exchange (LSE) from 1991 until June 2005.

The team would become a wholly owned subsidiary of Manchester United Ltd., a newly formed holding company based in the Cayman Islands.

The team has been valued at US$2.2bn by Forbes magazine, ranking it as soccer’s most valuable club for the eighth year in a row.

Manchester United is owned by the Glazer family, headed by American businessman Malcolm Glazer. The Glazer family bought the club in 2005.

For the nine months ended March 31, Manchester United reported a profit from continuing operations of £38.2 million, or US$59.9 million, up from £13.3 million, or US$20.9 million, in the same period a year earlier.

Revenue in the period grew 6.1% to £245.8 million, or US$385.7 million.

“In the Premier League, recent investment from wealthy team owners has led to teams with deep financial backing that are able to acquire top players and coaching staff, which could result in improved performance from those teams in domestic and European competitions,” the Manchester United filing said.

Manchester United's SEC filing said “our indebtedness could adversely affect our financial health and competitive position” and reduce “the availability of our cash flow to fund the hiring and retention of players and coaching staff.”

Manchester United also warned that new UEFA spending restrictions “could negatively affect our business.”

Jefferies & Co., Credit Suisse Securities USA, JP Morgan Securities, BofA Merrill Lynch and Deutsche Bank Securities are the managers to the Manchester United IPO.