Sheriff Fatman
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SrilankanBlue said:
Louis XIV hopefully following David 7th
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Louis XIV hopefully following David 7th
aguero93:20
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Let Yaya eat cake.Sheriff Fatman said:
BlueMo'
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There's only one king Louis
laserblue
Well-Known Member
Interesting article from today's Financial Times.
Manchester United: squeaky bum time
Doubts persist over how much club can spend to return club to Europe
Reds fans can now sit comfortably. Manchester United has finally revealed Louis van Gaal will be its new manager. Reports of a large purse – £150m – to lavish on new players may also calm irate fans. But since 1999, Manchester United has never spent more than £50m, net of player sales, in any season. Chief executive Ed Woodward has a lot of player videos to watch this summer.
Next step: pay for all this largesse. Broadcast revenues – a third of the group total – will drop next year because the club will be absent from European tournaments. Match day revenues – a quarter of the total – will drop, too, partly due to a cut in executive box prices.
Assume revenue in 2015 falls 7 per cent, to £400m. In the past Manchester United has reported a margin on earnings before interest, tax, depreciation and amortisation of about 30 per cent. This could contract towards the mid-20s if player costs keep rising. Add the revenue drop and the lower margin together, and ebitda could easily be £33m lighter this coming year – 25 per cent.
So Mr Woodward has a balancing act to perform – get the players in immediately while preventing transfer fees and the higher salaries from stressing the balance sheet. The club has £34m of gross cash but is unlikely to want to use all of that up, so fresh debt or equity cannot be ruled out. United’s debt covenants – not to mention fans’ outrage – should mean that the club chooses equity before more debt. Note that the dual class structure of the listed vehicle would mean that the club could tap non-voting A-class shareholders for more equity without seriously diluting the controlling (Glazer family) B-shares.
Mr Woodward knows he must help the Red Devils return to the riches of Europe. But how much can the club really spend? The next few months will keep fans squirming in their seats.
<a class="postlink" href="http://www.ft.com/cms/s/3/6ed34c0c-e031-11e3-9534-00144feabdc0.html#axzz32Mz7wNHT" onclick="window.open(this.href);return false;">http://www.ft.com/cms/s/3/6ed34c0c-e031 ... z32Mz7wNHT</a>
Manchester United: squeaky bum time
Doubts persist over how much club can spend to return club to Europe
Reds fans can now sit comfortably. Manchester United has finally revealed Louis van Gaal will be its new manager. Reports of a large purse – £150m – to lavish on new players may also calm irate fans. But since 1999, Manchester United has never spent more than £50m, net of player sales, in any season. Chief executive Ed Woodward has a lot of player videos to watch this summer.
Next step: pay for all this largesse. Broadcast revenues – a third of the group total – will drop next year because the club will be absent from European tournaments. Match day revenues – a quarter of the total – will drop, too, partly due to a cut in executive box prices.
Assume revenue in 2015 falls 7 per cent, to £400m. In the past Manchester United has reported a margin on earnings before interest, tax, depreciation and amortisation of about 30 per cent. This could contract towards the mid-20s if player costs keep rising. Add the revenue drop and the lower margin together, and ebitda could easily be £33m lighter this coming year – 25 per cent.
So Mr Woodward has a balancing act to perform – get the players in immediately while preventing transfer fees and the higher salaries from stressing the balance sheet. The club has £34m of gross cash but is unlikely to want to use all of that up, so fresh debt or equity cannot be ruled out. United’s debt covenants – not to mention fans’ outrage – should mean that the club chooses equity before more debt. Note that the dual class structure of the listed vehicle would mean that the club could tap non-voting A-class shareholders for more equity without seriously diluting the controlling (Glazer family) B-shares.
Mr Woodward knows he must help the Red Devils return to the riches of Europe. But how much can the club really spend? The next few months will keep fans squirming in their seats.
<a class="postlink" href="http://www.ft.com/cms/s/3/6ed34c0c-e031-11e3-9534-00144feabdc0.html#axzz32Mz7wNHT" onclick="window.open(this.href);return false;">http://www.ft.com/cms/s/3/6ed34c0c-e031 ... z32Mz7wNHT</a>
more lazy than useless
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laserblue said:
That's very interesting. It has crossed my mind a few times in the last few months how this will allwork out for them. On top of this, if I have it right (and I'm no accountant) if they miss top 4 this coming season then the shit hits the fan. After two seasons of no CL the PIK loans could (possibly would) be called in and there may be CL clauses in the big sponsor agreements.
Maybe it wouldn't be as bad as I'm painting it. But, then again, maybe it would be worse.....
Could any of the accountants on here feed me any morsels to see me through the close window boredom?
Sir peace frog
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Beijing Red 4 Lyf @Beijingcasuals · May 20
RESPECT TO RYAN GRIGGS WHO NOW RETIRE
HE TORE APART DEFENCE, FAMILIES AND WOMENS BACK DOOR FOR 20+ YEARS.... #RESPECT
hahaha
RESPECT TO RYAN GRIGGS WHO NOW RETIRE
HE TORE APART DEFENCE, FAMILIES AND WOMENS BACK DOOR FOR 20+ YEARS.... #RESPECT
hahaha
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