19-time record maker Manchester United plans to invest $1 billion or 30% of its share in Singapore to cut out the debt that has fueled fan protest. The reason for choosing Asian country is said to be United Manchester popularity in the region.

Credit Suisse Group AG (CSGN) which is handling the transactions said the Premier League team was earlier considering Hong Kong for the initial public offering (IPO) but now Singapore is on the priority list, though nothing has been decided.

United is ready to sell its 25% and is also looking out for ways to reduce its debts and decrease the costs so they could buy players as they cater to 190 million fan base. In the IPO race to attract European companies, Singapore seems to be moving ahead from Hong Kong.

According to Christopher Wong, a Singapore-based senior investment manager at Aberdeen Asset Management Asia Ltd. it would be a good chance for Singapore exchange. He further said, “Manchester United is an iconic eye-catching brand in this part of the world, and it’s probably just capturing that momentum because this is where growth is coming from”.

Spokesperson revealed that their company is most-supported team in the world, with more than 330 million fans across the globe.