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Read it at Agence France-Presse
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.