Manchester United have applied to be listed on the New York Stock Exchange in the hope of raising 100 million dollars from selling shares in the club.
The Barclays Premier League club filed documents with the United States government's Securities and Exchange Commission on Tuesday.
Share prices have yet to be set, but United would use the money raised from the flotation to reduce its debts, the application said.
The flotation would leave control over the club in the hands of the Glazer family, the billionaire US sports investors who bought the club in 2005 for 1.47bn dollars (£940m).
Under the reorganisation, the team would become a wholly-owned subsidiary of Manchester United Ltd, a newly-formed holding company based in the Cayman Islands.
In April, Manchester United was valued by Forbes magazine at 2.24bn dollars (£1.43bn), making it the most valuable club in world football for the eighth year in a row.