Manchester Utd. Slashes IPO Price

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.