Manchester United is planning to raise up to $1bn through a partial flotation in Singapore, in a move that would go a long way towards establishing a true valuation for the UK Premier League football champions.

The club has appointed Credit Suisse to prepare for the float, which will aim to tap into the club’s strong fan base in Asia, according to people familiar with the matter. One person said the plan was for 25-30 per cent of the club to be made available.

The Glazer family, the US-based owners of United, have long believed that the football club was worth more than ￡2bn ($3.3bn). However, one person with knowledge of the flotation plan said the Glazers had been advised that a partial flotation could establish a value of ￡1.7bn. A group of wealthy United supporters, who were last year rebuffed in their attempts to buy the club from the Glazers, have maintained that the club is not worth much more than ￡1bn.