Tick Tock!

[Clubber]

http://www.guardian.co.uk/football/2012/may/17/manchester-united-debt-glazers

Manchester United's net debt up by £26m as income falls nearly 6%
• Glazers spend £71m on buyback of bonds and on interest
• United's cash reserves drop from £113m to £25.6m


Manchester United's net debt has risen by £26m and total revenue is down 5.8%, according to quarterly figures released by the club. The figures also reveal that the Glazer family spent the equivalent of more than £250,000 a day – which amounts to Wayne Rooney's weekly salary – on a £71m buyback of bonds and on interest payments over the past nine months.

Critics of the club's American owners argue such money should be spent on buying players and the revelations will cause further anger among fans, who view the heavy leveraging of United by the Glazers as affecting their ability to compete with Manchester City, the new champions, in the transfer market.

While United's accounts say gross debt has dropped by £61.2m from £484.5m to £423.3m, a 12.6% reduction, this is countered by the club's cash falling from £113m to £25.6m – a reduction of £87.4m – meaning the former champions are £26m worse off than 12 months ago.

The 5.8% fall in total revenue – from £75.2m to £70.8m – reflects United's exit from the Champions League at the group stage.

 

[Vienna_70]

Tick follows tock follows tick follows tock!

 

[Dave S]

Always nice to read things like this :-)

 

[S04]

Luckily there´s no value in the market for players... :D

 

[the blue panther]

Luckily there´s no value in the market for players... :D

Well, looking at Phil Jones and Chris Smalling, I have to agree!!!!

 

[chedinho]

i thought they were 800m in debt.423m doesnt sound too bad or am i missing something.

 

[S04]

i thought they were 800m in debt.423m doesnt sound too bad or am i missing something.

About three years I´d say..

 

[Anonymous]

Tick follows tock follows tick follows tock!

"here's to you Ahab!"

Luckily there´s no value in the market for players... :D

And this £26m loss will fund their pursuit Matthieu Debuchy, Mapou Yanga-Mbiwa, Luca Modric, Van Persie, Shinji Kagawa and Nani's pay rise/renewal (all titbits from BBC's Gossip column this week - lol!).

Ah well, at least they have Owne off the books - that'll free up some funds; oh wait, he's on a pay-per-play deal isn't he?

If things carry on like this for them, it is not beyond the realms of possibility they could suffer a Liverpool-esque slump.

 

[Prestwich_Blue]

i thought they were 800m in debt.423m doesnt sound too bad or am i missing something.

No one knows how the Glazers paid off the PIK notes they had, which were costing them a fortune. Almost certainly it's involved more debt but that's hidden behind corporate secrecy laws in Delaware, where the company is registered.

 

[Wexford Blue]

They could always sell Bebe...

Part of me says "2 top teams battling it out in Manchester - good for us, the city and good for football".. The other part of me wants to see them destroyed, spend years in the shit like us - League 1, brink of disaster, up and down the divisions, 35 years with nothing... then see how many empty seats there are in the Swamp.