By Marcus Leach

Reports from Reuters, citing a source with direct knowledge, suggest that Manchester United plan a $1 billion initial public offering (IPO) by the end of the year, depending on market conditions.

The IPO will take place in Singapore, with Morgan Stanley and one other bank believed to be close to securing the mandate for the IPO.

There had been recent speculation that the IPO would take place in Hong Kong, however with Manchester United currently a loss-making company the rules prevent any such offering there.

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