Prestwich_Blue
Well-Known Member
Everything else will be secured on the bonds they intend to issue including the swamp itself so it's the only way they've got of raising more cash. But i can't imagine they will get that much for it, 10-15 million maybe and the rent will add to their overheads.
They got £80m for Ronaldo. They got £35m off their new shirt sponsors before the deal has even kicked in. They turned over £275m last financial year. They won the league & Carling Cup, were finalists in the CL and FA Cup. Yet they are still desperate for every penny they can get. They're just like we were under Wardle & Thaksin except the numbers are far bigger.
One interesting clause in the bond offer is that they have to meet certain minimum earnings targets. If they don't, they are considered to be in default of the terms of the bonds. The most obvious way to fail to meet these is failing to qualify for the CL. However they are not in default if they fail to qualify for the CL in two non-consecutiveseasons. If they fail in two consecutive seasons then they will almost certainly be in default, meaning (I think) that they will have to repay on demand. The only way they can do that is by selling the secured assets such as the swamp. But if they fail to qualify for the CL two seasons running then they're screwed anyway as that will cost at least £50m each year.
They got £80m for Ronaldo. They got £35m off their new shirt sponsors before the deal has even kicked in. They turned over £275m last financial year. They won the league & Carling Cup, were finalists in the CL and FA Cup. Yet they are still desperate for every penny they can get. They're just like we were under Wardle & Thaksin except the numbers are far bigger.
One interesting clause in the bond offer is that they have to meet certain minimum earnings targets. If they don't, they are considered to be in default of the terms of the bonds. The most obvious way to fail to meet these is failing to qualify for the CL. However they are not in default if they fail to qualify for the CL in two non-consecutiveseasons. If they fail in two consecutive seasons then they will almost certainly be in default, meaning (I think) that they will have to repay on demand. The only way they can do that is by selling the secured assets such as the swamp. But if they fail to qualify for the CL two seasons running then they're screwed anyway as that will cost at least £50m each year.
