Manchester United raises $233 million in IPO

NEW YORK (CNNMoney) -- Manchester United and a shareholder who is selling off a stake in the company raised $233 million through an initial public offering that priced after Thursday's closing bell.
The 134-year-old storied British football (soccer) team sold 16.6 million shares at $14 apiece -- below its estimated range of $16 to $20 a shareManchester United and its main shareholder, the billionaire Glazer family, sold 16.6 million shares, which raised $233 million.
The IPO gives the Red Devils, as the club is known, a market value of around $2.3 billion.
The team's proceeds will be used to help pay down its debt, which totaled £423.3 million, or about $662 million, as of March 31.