A person familiar with the deal says Manchester United's planned $1 billion public offering has been approved by Singapore's stock exchange.

The person, who is not authorized to speak publicly and declined to be identified, told The Associated Press on Friday that the initial public offering will likely happen by the end of the year.

The person said the listing for the American-owned club would involve ordinary and non-voting preferred shares.

Manchester United, which is owned by Glazer family, has been valued at $1.9 billion by Forbes magazine, which has ranked it as football's most valuable team for the last seven years. However, the club has about $750 million of debt.