LONDON: Manchester United have followed up a £400m Premier League record shirt sponsorship with Chevrolet by announcing plans to  raise a possible £210m in a share listing in New York.

In documents filed with the Securities and Exchange Commission, the club said it will sell 16.7 million shares at between $16 and $20 each. But it also revealed that revenue had fallen in the last year as they were knocked out of the Champion’s League.

United were  recently called the most valuable club in sport, worth $2.23bn, according to Forbes magazine. They have  been controlled since 2005 by billionaire US sports investors the Glazer family, who also own the Tampa Bay Buccaneers American football team.

The Glazers’ Class B shares will have 10 times the voting power of the Class A shares sold to punters and the club plan  to use the proceeds to repay debt which currently totals £437m.

In the regulatory filing, the club said its total revenue for the year to June was between £315m and £320m, down as much as five per cent from last year.

This was due mainly to a 11-13pc drop in broadcasting revenues – to £102m to £104m – after they  failed to make it past the group stages of Europe’s premier club  competiton.

Man Utd said profit for the year from continuing operations will be as much as £23m, an increase of as much as 77% from the previous year due to tax credits. This includes a net spend of £50m on players.

On Monday, United unveiled the Chevrolet deal which is for  seven years and begins from the 2014-2015. It is reported as being worth £400m, twice the value of the club’s previous deal with AON.

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