2008 Accounts are out

From RI, knock yourself (or the Glazer's) out:

From Red Football Shareholder Limited

Makes for more grim reading.

Another huge loss.

44.78 million before a tax adjustment of 1.8 million giving a bottom line figure deficit of 42.7 million.Total losses since the takeover now amount to 236.7 million.

Debt up

From 666,731,000 to 699,174,000

Interest charge for the year

68.84 million of which 45.3 million was paid,the balance of 23 million is the rolled up interest in the hedge fund loan.

The net cash outflow on players in the year was 26.45 million.This has been used to pay down the amounts owed to other clubs on players purchased prior to 30th June 2007.The recorded cost of players bought in the year to June 2006 was only 14.3 million.The purchase of Berbatov and others since June 2008 is recorded as a note only at an amount of 34.42 million

Turnover was up from 212 million to 256 million.

Profit on disposal of players 21.8 million

Manchester International Freight Terminal was purchased for 11.6 million.


Summary

No sign of profitability imminent.No sign of any provision to re-pay the debts. Difficult to pick anything positive.

Originally Posted by Whalefish

Manchester International Freight Terminal was purchased for 11.6 million.

and will be flattened to make a car park

Didn't know they did United accounts too. Is there any limit on their skillz?!

Originally Posted by armchair

Didn't know they did United accounts too. Is there any limit on their skillz?!

Very good.

Originally Posted by armchair

Didn't know they did United accounts too. Is there any limit on their skillz?!

Originally Posted by Whalefish

Profit on disposal of players 21.8 million

Manchester International Freight Terminal was purchased for 11.6 million.


Summary

No sign of profitability imminent.No sign of any provision to re-pay the debts. Difficult to pick anything positive.

I need reminding... £21.8m profit on players in 2008?

The freight terminal - does that mean the rail area - i.e. potential ground expansion? Or am I miles off?

Grim reading all round though.

Tick tock

Originally Posted by Baron_van_Marlon

I need reminding... £21.8m profit on players in 2008?

The freight terminal - does that mean the rail area - i.e. potential ground expansion? Or am I miles off?

Grim reading all round though.

A bit about the freight terminal is explained here

http://www.crainsmanchesterbusiness....-is-a-bit-mift

doesn't matter as long as we keep winning.

Originally Posted by believe

doesn't matter as long as we keep winning.

Top top top Reds (IE Sullers and co) hope we dont.....

I tend to agree.

Originally Posted by Ether

A bit about the freight terminal is explained here

http://www.crainsmanchesterbusiness....-is-a-bit-mift

Wonder if it's profitable... they need as much £#%&!ing income as they can generate.

Originally Posted by Baron_van_Marlon

Wonder if it's profitable... they need as much £#%&!ing income as they can generate.

we should have bought it instead of tosic.

Originally Posted by believe

we should have bought it instead of tosic.

And his other Serbian friend.

Originally Posted by Baron_van_Marlon

Wonder if it's profitable... they need as much £#%&!ing income as they can generate.

well Kerrys (the warehouse behind the ticket office next to the main road) is being flattened to become a car park, so i dont see how it will be profitable

not sure about the rest of the freight terminal

Originally Posted by believe

doesn't matter as long as we keep winning.

We can't keep winning forever. It doesn't work like that. At some point we're £#%&!ed. And for absolutely no reason or benefit to anybody that I can see. Astounding.

Originally Posted by dodger

We can't keep winning forever. It doesn't work like that. At some point we're £#%&!ed. And for absolutely no reason or benefit to anybody that I can see. Astounding.

:whoosh:

the positives are that the Glazers presumably know their way around the corrupt world of finance and banking and so are likely to be able to keep rolling like this for as long as it takes

provided the team keep competing for the major prizes and winning its fair share, down the line United will be worth far more than the current debt to some corrupt @#%&! who's used the system in a similar way

doesn't appear to be any sign of BSkyB going under just yet. Uefa still seem to be able to generate huge revenues too, as do Fifa.



as you were for the foreseeable, then.

Debt? What debt?



Look how much the PIKs will be worth too

Originally Posted by Tumescent Throb

yeah if the ice caps don't get us first

They'll get the scousers before us

There must be a plan, a bigger picture that we haven't been shown.

I mean, all that has happened so far, takeover, accounts, accumulation of debt it's benefitting no one, I think we can all agree it makes £#%&! all sense for it to be allowed to happen, or for the people involved to make it happen.

For some reason in the back of my mind I envisage waking up to headlines declaring us sold for a massive profit or something similar.