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The Singapore stock exchange has approved an application by English football giants Manchester United to sell their shares in the city-state, a source familiar with the deal said Friday.

But the club will gauge market sentiment before launching their initial public offering (IPO) because of the uncertainty sparked by the eurozone debt crisis.

"They have received approval but the timetable is not fixed," the source told AFP.

"The company is not in need of funds so they are not in a hurry to list. Basically, they are keeping a watching brief on market conditions."

For now, the target is for a listing at the Singapore Exchange later this year but the source described it as a "moving target".

"Now that there is approval, they can roll out any time," added the source, who asked not to be named.

United are expected to offer both voting shares and non-voting preference shares, said the source.

Analysts said such a structure will allow the American owners of the club -- the Glazer family -- to effectively retain control.