Bogota team takes steps towards floating on stock exchange

Colombian football team Millonarios this week began the process of floating itself publicly on the stock exchange in and attempt to save itself from financial ruin.

According to a report by the Wall Street Journal, the team from Bogota has begun the Initial Public Offering (IPO) in order to attract at least 3,000 investors, the minimum required to be apply for a listing on the Colombian stock exchange, the BVC.

Investors will be able to buy shares in the club for as little as $53 (COP100,000).

Background checks will be carried out on potential investors to ensure no person or company involved in illegal activities is accepted. Colombian clubs have in the past been linked to drug cartels.

The go-ahead for the IPO was given on February 16 by financial authorities, though no details were announced at the time as to minimum share value.

Once one of the top teams in the Colombian league having won 13 championships, Millonarios have sunk to new economic and sporting lows in recent years. Their last title came in 1988.

The team are currently 9th in the Liga Postobon, six points behind leaders Once Caldas.

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