Manchester United Slashes IPO Price

    MANCHESTER, ENGLAND - JANUARY 08:  Wayne Rooney of Manchester United celebrates scoring the opening goal with Patrice Evra (L) during the FA Cup Third Round match between Manchester City and Manchester United at the Etihad Stadium on January 8, 2012 in Manchester, England.  (Photo by Alex Livesey/Getty Images)

    Alex Livesey / Getty Images

    The world's biggest sports team is struggling through one of Wall Street's most fraught initial public offerings. Due to launch its U.S. shares Friday, the company made a huge cut to the size of the offering, from more than $300 million to $233 million. The team has been in debt since a leveraged buyout in 2005 by the Miami-based Glazer family, who hope to sell shares for $14 today. But analysts say that a fair share price is much lower: just $10. Critics have taken the Glazers to task for their plan to take half of the IPO profits, rather than dedicating them to reducing the team's massive debt.

    Read it at Agence France-Presse