Rags Debt - Daily Mail & Panorama [Merged]

[cucumberman]

isn't vidic madrid bound? I think the prez has taken a fancy of him

 

[Prestwich_Blue]

for so many crap players they are doing well beating you all the time ...and still winning silverware

That's the genius of old Baconface - he has the ability to make the whole far greater than the sum of the parts. That's why it will be so interesting to see what happens when he retires.

 

[Anonymous]

@ Bumbles

Since we moved to CoMS, whilst undoubtedly you have won more derbies, it's not quite the facile triumph you claim.

P14 City Won 5 City Lost 7 Drawn 2

Being only 2 in front doesn't really count as 'beating us all the time' now does it?

But, hey, who would dare question a united fan's slant on things, after all, your lot are renowned for telling it like it is aren't you?!

 

[Anonymous]

Thread cleaned up.

To the 2 posters in question... please take the sad bickering to PM. Thanks :-)

 

[bumbles]

OK.. its only a bit "O" fun...

 

[Whitworth warrior]

Thread cleaned up.

To the 2 posters in question... please take the sad bickering to PM. Thanks :-)

Any chance of getting rid of the Whitworth warrior, and going back to hoot, I didn't register with that name because I was known as a Utd supporter across many football sites,WW is upsetting some members of you're site, I'm not a trouble maker, but I'll give you an argument and a different view if you like it or not, It’s up to you Guys, can you handle a Manc.

 

[mcfcliam]

Thread cleaned up.

To the 2 posters in question... please take the sad bickering to PM. Thanks :-)

Any chance of getting rid of the Whitworth warrior, and going back to hoot, I didn't register with that name because I was known as a Utd supporter across many football sites,WW is upsetting some members of you're site, I'm not a trouble maker, but I'll give you an argument and a different view if you like it or not, It’s up to you Guys, can you handle a Manc.

PM Ric mate.

He's the only one who can change your username.

 

[mancityvstoke]

Thread cleaned up.

To the 2 posters in question... please take the sad bickering to PM. Thanks :-)

ffs can't even slag off Man U anymore...time to fk off

 

[Whitworth warrior]

Any chance of getting rid of the Whitworth warrior, and going back to hoot, I didn't register with that name because I was known as a Utd supporter across many football sites,WW is upsetting some members of you're site, I'm not a trouble maker, but I'll give you an argument and a different view if you like it or not, It’s up to you Guys, can you handle a Manc.

PM Ric mate.

He's the only one who can change your username.

Thank you.

 

[J-Bay Blue]

That opened a can of worms, the future don't look bright for the Glazers, they may be forced to sell United while the going is good, season tickets uptake is down by a third, the protests seems to be working.

Oh dear, oh dear. Are you being deliberately stupid?

What the Glazers could get for the rags would probably not clear their debts. They have to stay and take out as much cash as they can to clear the PIK notes. Then, in 2017 (or possibly a year or two earlier depending on the early repayment terms on the PIK notes) they might think about selling.

But there's £500m of bonds that have to be repaid in 2017 as well and unless any buyer has the cash to do that then it's yet more debt for the next few years.

And if there is an impact on the club's financial position and they fail to meet certain targets then the 3 funds that provided the finance for the PIK notes have the right of foreclosure over the shares. So you will be owned by a bunch of sharks in $1000 suits who care even less about you than the Glazers and who will sell anything they can to get their money back.

Hi
Quite right, PB - very few people seem to understand this detail and realise the risk that the Glazers have exposed the club (and themselves) to.

To finance a LBO @16% interest with a hedge fund - whilst not quite doing a deal with the devil, is not too far short.
Coupled to the alleged early redemption penalties and covenants on the bonds, what were david Gill & co thinking?

I cannot forsee any realistic scenario in which United's finances can become "healthy" between now and 2018 (can you?) - best case scenario, they generate enough cashflow to service the interest on the debt and perhaps a bit extra to cover some of the principal when it becomes due.

The probability of it all going pear-shaped would appear to be higher than the probability of a successful outcome.

This would make a good case study for MBA students at a Business school - do sensitivity analysis and some Monte-carlo simulations to create a frequency distribution of possible outcomes, and from that derive some probability estimates.