THE NEWS: Soccer club Manchester United shares were flat at $14 in midday trading after making their debut on the New York Stock Exchange.

THE CONTEXT: The debut makes the team the most valuable in the world, with a market cap of $2.3 billion. Some analysts had warned that the IPO was overvalued, since the club is debt ridden and the family that owns them, the Glazers, retained almost total voting control over the team.

DEBT LOAD: The club expects to use its $101.7 million in proceeds to pay senior notes. Manchester United carried 416.7 million pounds ($666.2 million) in debt.