SINGAPORE - British soccer club Manchester United has got the green light for an initial public offering on the Singapore Exchange on Friday, sources told Xinhua.

The club is expected to offer both ordinary and preferred shares in a bid to raise up to $1 billion, a structure that will allow the United States-based Glazer family to retain control of the club after the listing, the sources familiar with the deal said on condition of anonymity.

The club may list as early as mid-October but it will be in no hurry. The decision will be based on prevailing market conditions.

It is believed that Manchester United want to list in Asia because of the strong growth potentials here. The club has a fan base of about 190 million in the region and many of its sponsors and income sources were also from Asia.

Manchester United was ranked by business magazine Forbes earlier this year as the world's most valuable football team in 2011, with a value of $1.86 billion.