Man Utd shares debut at the New York Stock Exchange

Shares in Manchester United have begun trading on the New York Stock Exchange (NYSE).

The shares debuted at $14.05, up from the float price of $14, opening trading with the stockmarket ticker MANU, reports the BBC.

Ten percent of the club has been sold on the markets, which means it has raised $233m (£150m)
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On Thursday, Manchester United was forced to cut the value of the shares to $14 each from $16-$20.

It initially wanted to raise up to $333m with the float.

Ed Woodward, vice chairman of Manchester United, said that the club reduced the share price because more investors were comfortable with that figure.

"The huge number of high-quality institutional investors that were there at $14 just made us more comfortable in terms of the longer-term view here, with regard to the type of investor base we wanted," said Woodward.

As expected, trading in the shares was subdued, as many analysts had warned that the offer price overvalued the club.

But the floatation was closely watched on both sides of the Atlantic.

The NYSE celebrated the share launch by laying astroturf between the bell and the club's market-maker.

Manchester United executives, including members of the controlling Glazer family, rang the opening bell on the exchange, while some traders sported the club's shirt.

The shares do not pay a dividend to investors, and it is not clear exactly how much of the money raised will go towards paying down the club's debts and how much will go to the Glazers.

A number of analysts have warned the shares offer little value to investors.

"Maybe a few hedge funds will take a small punt of $5m-$10m, which if it goes bad, they can easily write off, Mike Jarman, chief market strategist for H20 Markets - a former professional footballer and a Manchester United fan himself, told the BBC.

He dubbed the sale "son of Facebook" - referring to the social media company's recent stockmarket floatation.

Facebook shares opened trading in May with a guide price of $38, but they are currently selling at around $21