Manchester United plan to raise $ 1 billion in Singapore: Reports

English Premier League giants Manchester United plan to raise one billion US dollars in an initial public offering (IPO) in Singapore later this year, Dow Jones Newswires reported on Tuesday.

The share sale is planned for the fourth quarter, Dow Jones said, quoting people familiar with the situation.

Credit Suisse Group has been mandated by as sole global coordinator and bookrunner on the deal, said the the sources, who were not named. One source said other banks are expected to be added as bookrunners later.

The club, which was once listed on the London Stock Exchange as Manchester United PLC, had initially planned to list in Hong Kong.

But the club changed is its mind and now prefers to list in Hong Kong's regional rival Singapore, according to the Dow Jones sources.

United were delisted from the London exchange in 2005 after US tycoon Malcolm er bought the club.

A Singapore listing by United, ranked by Forbes earlier this year as the world's most valuable football team in 2011 with a value of $1.86 billion, is expected to boost the city-state's credentials as a financial centre.

Analysts said United have chosen to list in Asia because of the club's popularity in the football-mad region where it has legions of fans.

United have been seeking ways to cut financing costs and raise money to expand their lucrative business, as well as acquire players to strengthen the club.