Manchester United to float on New York stock exchange

Manchester United have applied to become listed on the United States stock market.

The Old Trafford club reportedly hope to raise £64m through the move.

A prospectus filed by United to the Securities and Exchange Commission read: "We intend to use all of our net proceeds from this offering to reduce our indebtedness."

The decision to float shares in America comes after the Red Devils abandoned similar plans involving the Singapore exchange because of volatility in the markets.