Manchester United announce stock listing in New York

London (CNN) -- Manchester United has launched their listing on the New York Stock Exchange, Monday, with 16.7 million shares, representing 10 per cent of the club, up for sale.

Reports say that the shares should start trading somewhere between $16 and $20, with the club hoping to raise more than $300 million in the process.

However, the prospectus that accompanies the listing appears to suggest that the money raised will be split between the club and its owners, the Florida based Glazer family.

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The Glazers have been controversial owners of the club, with fans angry at the family's leveraged buyout in 2005. There are reports that, as of March 31st this year, the complicated financial deals used to buy the club have left the 19-times league champions with around $663 million of debt.

"Manchester United today commenced its initial public offering of 16,666,667 Class A Ordinary Shares," said a statement issued by Sard Verbinnen & Co, the public relations firm hired by the English club to oversee the initial public offering (IPO) of shares.

"The Class A Ordinary Shares will be listed on the New York Stock Exchange and will trade under the symbol "MANU.""

Earlier in the day, the club announced a new sponsorship deal with General Motors. The seven year agreement will see the Chevrolet brand displayed on the front of United's shirts from the start of the 2014-15 season.