By Marcus Leach

Premier League champions Manchester United have confirmed that they have received approval to float the company on the Singapore Stock Exchange.

The club's request for an initial public offering (IPO) will aim to raise $1 billion (£635m) to pay off some of its debts by selling about 25% of the parent company's shares.

Following consultations with investors the club hope to complete the process by the end of the year.

At present the club is currently profitable, having reported a record annual operating profit of £110.9m for the year to the end of June 2011.

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