City & FFP | 2020/21 Accounts released | Revenues of £569.8m, £2.4m profit (p 2395)

[BlueAnorak]

If they're on the same interest rate as the PIKs then 51.585m per season (year). That's not a great answer though tbh as they refinanced. I'll give an educated opinion that it's at least 30m though.

You might be right in the figure though not on the interest rates. I thought that the interest rate had halved by getting rid of the PIKs (and as a result OUR owner could now no longer buy the PIKs and demand immediate repayment - something they were worried out because of their sticky fingers all over FFP). As well as getting rid of the PIKs debt interest was reduced and it also gave the Glazers some cash to prop up their US shopping mall and trailer park empire. David Conn's article from a year ago:
http://www.theguardian.com/football...thrive-manchester-united-flounder-ed-woodward

indicated that Finance payments were down to around £50m after getting shot of the PIKs (from £100m+) but spending on players had pushed it up another £5m - though I can't find confirmation of this anywhere - except from an Andersred article from last spring that indicated they could only buy players on credit as they do not have suffient cash reserves.

 

[Prestwich_Blue]

I'm sure they refinanced to get rid of the PIKs, Get the interest rate lower and give the Glazers some cash to prop up their US shopping mall and trailer park empire.

They did re-finance but no one knows how, as they operate operate out of Delaware, which allows companies to keep their affairs completely opaque. I suspect they either re-mortgaged their malls or (more likely) took on private debt but I also suspect they used United shares as security for those loans. The whole thing was a pack of cards with debts all over the place, secured by shares and club assets (primarily OT and Carrington).

The whole thing was probably a Maxwell like scenario of indebted companies moving whatever assets they had around and borrowing whatever they could to try to stay afloat. Up until the IPO, the whole thing could easily have collapsed. Since then, the pressure is probably off as the proceeds from the various sales of shares have probably been used to pay down their personal liabilities. But no one really knows.

The fact they're taking dividends may well mean they're still short of personal cash and there are big question marks over their mall business (First Allied Corporation) which is undoubtedly mortgaged to the absolute hilt while the future for anything but the highest quality malls (which there's aren't) looks bleak. Their main anchor store appears to be K-Mart, which is shutting its stores and if your anchor store shuts, you're in big trouble. The rags are probably safe now but if their shares have been used to secure FAC debt then it could still be interesting for the Glazers themselves.

 

[Centurions]

Wow, those comments on the daily mail surrounding that article sum up just how brainwashed the uneducated are. 'Dodgy' sponsorship rants galore. 'Emptihad' rants galore.
Simple facts totally unreported the Etihad deal is less than 10% revenue and our occupancy is between 98.4 and 99% on average over a season.

It's so entertaining.

I couldn't be bothered checking them out but does the phrase 'dirty Arab money' come in to it somewhere? It usually does and is actually racist, strangely though the media don't seem to care about that particular one. The good old 'ours is earned money' usually crops up too but I've never quite understood that one.

 

[S04]

One of the more amusing things when talking club finances is that so many have this wishful thinking that if Abu Dhabi lost interest in City we would immediately return to our pre-takeover settings.. Things like the CFA, stadium exspansions, the top squad etc would simply disappear and we´ll go tits up in no time at all.. :D

When I point out that regardless of what happens in the Gulf there will be no crash landing for City, at worst it´s a soft whimper as we adjust to less outside financing and perhaps less spectacular transfers but basically City is just assets nowadays.. no or low debt, just assets

 

[BlueAnorak]

You might be right in the figure though not on the interest rates. I thought that the interest rate had halved by getting rid of the PIKs (and as a result OUR owner could now no longer buy the PIKs and demand immediate repayment - something they were worried out because of their sticky fingers all over FFP). As well as getting rid of the PIKs debt interest was reduced and it also gave the Glazers some cash to prop up their US shopping mall and trailer park empire. David Conn's article from a year ago:
http://www.theguardian.com/football...thrive-manchester-united-flounder-ed-woodward

indicated that Finance payments were down to around £50m after getting shot of the PIKs (from £100m+) but spending on players had pushed it up another £5m - though I can't find confirmation of this anywhere - except from an Andersred article from last spring that indicated they could only buy players on credit as they do not have suffient cash reserves.

Interestingly Utd's massive transfer spend occured AFTER David Conns article was published, so if you follow the trajectory of the Finance and Net Player spend graphs they could be paying over £100m in finance costs. The Andersred article certainly indicates that money is going out in installments to every club they have bought players from. I know income has gone up with a bang for this coming season, but not for the season the next set of accounts are for - it actually went the other way (£-38m). I await the publishing of their accounts with interest!

 

[feedmpenzaandhewillscore]

One of the more amusing things when talking club finances is that so many have this wishful thinking that if Abu Dhabi lost interest in City we would immediately return to our pre-takeover settings.. Things like the CFA, stadium exspansions, the top squad etc would simply disappear and we´ll go tits up in no time at all.. :D

When I point out that regardless of what happens in the Gulf there will be no crash landing for City, at worst it´s a soft whimper as we adjust to less outside financing and perhaps less spectacular transfers but basically City is just assets nowadays.. no or low debt, just assets

The old cliche of if the sheikh got bored is amusing. If he did put the club up for sale there would be a long line of people looking to buy into a successful company. Unfortunately for all the raggies with their wishful thinking I don't think sheikh Monsour is going to sell something that is making him money.

United may have bigger sponsorships than us at the moment, however prolonged periods of not winning trophies and the possibility of the 4th place not getting champions league football in the future could really hamper them when it comes to Securing any future deals.

 

[gordondaviesmoustache]

I've said it before many times: why would anyone want to sell a football club like Manchester City unless they had to?

As ego trips go, it must take some fucking beating.

People ignore human nature at their peril.

 

[Paul Lake's Left Knee]

I've said it before many times: why would anyone want to sell a football club like Manchester City unless they had to?

As ego trips go, it must take some fucking beating.

People ignore human nature at their peril.

Dont be silly GDM, successful right minded businessmen often walk away from billion pound investments just as they start to turn a profit.

 

[Neville Kneville]

The most hlarious thing about the concept of the Sheikh bailling out, is that he's actually investing more & more into long term stuff in Manchester, not less.

As if he's going to do that, but dump the football club at the centre of it all.

 

[Centurions]

Interestingly Utd's massive transfer spend occured AFTER David Conns article was published, so if you follow the trajectory of the Finance and Net Player spend graphs they could be paying over £100m in finance costs. The Andersred article certainly indicates that money is going out in installments to every club they have bought players from. I know income has gone up with a bang for this coming season, but not for the season the next set of accounts are for - it actually went the other way (£-38m). I await the publishing of their accounts with interest!

I'm hopeful that one day the Fraud Squad will say the same thing...