MUMBAI: After calling off its $1 billion initial public offering (IPO) in Singapore due to volatile market conditions, well-known English Premier League (EPL) club Manchester United has filed for a $100 million IPO with the US Securities and Exchange Commission (SEC).

It will become the first UK soccer club to go public in the US in more than a decade. The club was listed on the London Stock Exchange (LSE) from 1991 until June 2005.

The club, which is owned by American Glazer family, said it will issue Class A and Class B, with the latter controlling most of the voting rights. The club did not specify the launch date, stock symbol, price range or size of the IPO.

Manchester United said they intend to use all the net proceeds of the issue to reduce debt, which stands at $664 million higher than the $520 million revenue it earned last year.

"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 said in its filing.

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

"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.

MUMBAI: Manchester United, the globally popular football club, is reportedly mulling moving its initial public offering to US from Singapore.

Two reasons are being cited for Man-U?s move. The first reason is to secure higher valuation by moving the IPO to US. Secondly, Malcolm Glazer, the American owner of the club, wants to use the IPO in US to retain control by using a dual-class share structure.

Man-U, which was planning a $1 billion IPO on Singapore Stock Exchange, had delayed the public float because of volatility in the stock markets.

MUMBAI: Sri Lankan Cricket (SLC), the governing body of cricket in the country, has signed a fresh deal with Singapore-based Somerset Entertainment Ventures for its ambitious franchise based T20 league that had failed to take off last year.

As per the new deal, the tournament will be held between 10-31 August ahead of the ICC World Twenty20 in Sri Lanka in September, according to ESPNCricinfo.

SEV had entered into a five-year deal with SLC to acquire the commercial rights of SLPL, but the deal became void as the interim committee of SLC that had signed the deal was replaced.

The new deal also addresses concerns raised by a Committee on Public Enterprises report regarding some of the clauses in the contract. The agreement has been cleared by the office of the Sri Lankan attorney general.

The inaugural edition of the SLPL was supposed to be held from 19 July to 4 August but it did not take-off due to Indian cricket board?s reluctance to grant NoC to its players to participate in the league.

The BCCI had at that time contended that the contract with SEV does not safeguard the financial interests of the Indian players. The BCCI also suspected that former IPL chairman Lalit Modi had interests in SLPL, a charge that was vehemently denied by both SEV and SLC.

As for the format of the event, the SLPL will have seven teams who will play each other in a round-robin format followed by semi-finals and finals. The games are expected to be played at Colombo and Kandy.