We're in the money!

http://www.guardian.co.uk/football/2...-players-debts

Analysts say Manchester United must sell players to pay debts

• 'The model doesn't work unless there are player sales'
• Company trying to push up advance ticket renewals



Manchester United posted a £66.5m loss in the first nine months of their fiscal year as financing costs and one-time items more than offset increasing media, matchday and commercial revenues.
The accounts of Red Football Ltd, United's holding company, released today, show a £40.6m one-off charge linked to closing down an interest rate swap – or protection that companies buy against interest rate increases – that the firm had to pay when it swapped its loan debt with a bond earlier this year. The company posted a £19m non-cash foreign exchange loss due to the increase in the US dollar against sterling, which makes the bonds that United issued in dollars more expensive. The remaining £7m contained other costs including those related to debt issue.
United posted a £9.3m profit on the disposal of players that was far behind last year, when they sold Cristiano Ronaldo to Real Madrid for £80m. "The loss shows that the business model doesn't work unless there are player sales," said Philip Long, partner at PKF accountants and business advisers, who has worked on football deals. "It's an absolute mess – when the full-year interest is accounted in and there are no items like last year's sale of Ronaldo, what's going to happen?"
Rising player salaries pushed staff costs up by 7% to £94.5m, from £87.9m, in line with the company's revenue, Manchester United said. The club face rising interest on £225m of payment-in-kind (PIK) loans, incurred in 2005 when the Glazer family bought the club. The PIK interest payments to investors, including hedge funds, are due to increase to 16.25% from 14.25% in August because of the firm's high debts. Apart from the PIK loans, United also have £520.9m of debt but the accounts showed that a £70m facility available to pay down PIK debt has not been used.
The bonds, sold in February at about 98 pence to the pound, trade between 93p and 94p, putting investors at a loss. "All the high-yield market is down," a person familiar with the bond issue said. "And it's a football deal, which doesn't fit into some asset managers' investment strategies."
Bondholders were cheered by boosting media revenue, to £76.8m, which helped lift earnings before interest, taxes, depreciation and amortisation to £82.1m, up from £63.4m over the same period last year, the company said.
During a conference call, management warned investors that four-quarter growth may be lower because of fewer Premier League games to be played during the period – due to a calendar issue – and the team's elimination from the 2009-10 Champions League in the quarter-finals, having reached the semi-finals in the two previous years.
The company, which said it has £95.9m in cash reserves, is trying to push up advance ticket sales, warning fans that their season tickets will be passed on unless they make a payment. A club email to executive members seen by the Guardian said: "If you do not renew your Old Trafford executive facility for the forthcoming 2010-11 season before the renewal deadline of 31 May, your facility will automatically be released to the seasonal hospitality waiting list." The email said this is now a "matter of urgency".
The club reiterated that United are not for sale. "The board notes recent press speculation regarding a possible bid for Manchester United," the club said. "The owners remain fully committed to their long-term ownership of the club. Manchester United is not for sale and the owners will not entertain any offers."
The Glazer family are keen to hold on to their investment, despite their unpopularity among the fans, who blame them for loading the club with debt and turning it into a commercial venture. The owners, however, do not want to capitalise their investment until revenue-boosting new technology develops, allowing access to live games and more content through mobile phones, a person familiar with the situation has told the Guardian.
The Red Knights, a group of more than 10 wealthy investors led by the Goldman Sachs chief economist Jim O'Neill, declined to say whether their planned offer was still being prepared.

confirmation of what we all knew

arf! waiting list! this translates as "£#%&!!"

they are now on a propaganda offensive, trying to make the idiots think everything is ok and you might as well renew because the glazers are going nowhere.
the truth is they are worried

yep. read that this morning.

you missed the headline though..........

Analysts say Manchester United must sell players to pay debts

nft.

Those figures are totally horrific

Originally Posted by Harri Jaffa

Those figures are totally horrific

considering they are likely to take the 70mill out after the summer to pay the piks, yeh

Originally Posted by El Chalten

yep. read that this morning.

you missed the headline though..........

Analysts say Manchester United must sell players to pay debts

nft.

i think you're mistaken my good man

if you want rid of the glazers don't renew.

simples!



nft.

Pfft. what do they know.

David Gill said he's got loads of cash and that's good enough for me.

i feel sorry for rooney, you can see whats going to happen. he'll impress in the world cup and his price tag will be higher than ronnies was. real will table an offer, rooney wont want to leave but the yanks will force it.

will fergie be a puppet? i can see this summer being one that could wreck united for years.

Originally Posted by wonky no

will fergie be a puppet? i can see this summer being one that could wreck united for years.

Will Fergie be a puppet? WILL? WILL?

I can only assume you posted that about 5 years ago and a server error has just made it appear now.

Originally Posted by wonky no

rooney wont want to leave but the yanks will force it.

will fergie be a puppet? i can see this summer being one that could wreck united for years

But that begs the question - yes, they are total @#%&!s we all agree on that (except Tufty) but what would they actually *gain* from "wrecking" United? And do you really think they could force Rooney out against his will and get away with it??

The point is, if we ever fail to get into the CL (even for just *one* season) their "business plan" - which is rickety enough as things stand now - would be utterly, utterly £#%&!ed. They really would have no option but to sell up for whatever they could get

As I have said before - evil, yes; stupid, no.

i honestly heard from someone yesterday that rooney is off to madrid and that the rumour about him wearing a real madrid shirt at the fifa shoot was true

Originally Posted by Sparky***

Pfft. what do they know.

David Gill said he's got loads of cash and that's good enough for me.

I think out of all of them, he's the @#%&! I'd like to punch in the face most.Glazer and sons are parasites, £#%&!ing vile @#%&!s, but they're not coming out every two minutes saying that 'all is well' etc.

Gill is like £#%&!ing rent-a-quote on behalf of the @#%&!s.It's like "Yes, we're minted, the Glazers are great and if you dont believe me, you're not really a United fan."

The @#%&! should've been a politician.

Originally Posted by El Chalten

if you want rid of the glazers don't renew.

simples!



nft.

Anyone that renews this year is a £#%&!ing moron & is on the side of the Glazers. It is not rocket science, you don't renew the Glazers are in shit street.

I have been a ST holder for 20 years along with 4 others who have all jacked it in this year as well as myself. I still know of reds who I have met other years who cannot give it up, yet moan like £#%&! about the @#%&!s running our club

Originally Posted by forzagarza

Will Fergie be a puppet? WILL? WILL?

I can only assume you posted that about 5 years ago and a server error has just made it appear now.

i know, i know but i never had fergie down as a puppet. i honestly think he thought he could handle the situation at OT and lets face it he has. ronaldo wanted to leave, the glazers wanted the cash. fergie kept him a season longer than either of the above wanted.

but i think rooney will be the one that will cause the big collapse. i wouldn't be shocked if fergie left united over something like this. berbs isn't going anywhere, remember. so if rooney leaves we have a striker (hmmm).

Originally Posted by wonky no

i know, i know but i never had fergie down as a puppet. i honestly think he thought he could handle the situation at OT and lets face it he has. ronaldo wanted to leave, the glazers wanted the cash. fergie kept him a season longer than either of the above wanted.

but i think rooney will be the one that will cause the big collapse. i wouldn't be shocked if fergie left united over something like this. berbs isn't going anywhere, remember. so if rooney leaves we have a striker (hmmm).

Again though, if United "collapse" the Glazers are £#%&!ed.

For their "plans" to have the slightest chance, we have to qualify for the CL year after year after year without fail. In reality, that means we have to be pretty overwhelmingly confident of getting 2nd - or at worst 3rd..........

Selling Rooney and not replacing him adequately (how could we, anyway??) would put that totally up shit creek

Also, I noted a few months ago SAF saying Rooney wouldn't be sold this summer - no ifs, no buts, no qualifying clauses. I can quite believe that he was making his "red line" quite clear to the gimps. No, he *wouldn't* stand for it, and hopefully they know that

Originally Posted by wonky no

i know, i know but i never had fergie down as a puppet. i honestly think he thought he could handle the situation at OT and lets face it he has. ronaldo wanted to leave, the glazers wanted the cash. fergie kept him a season longer than either of the above wanted.

but i think rooney will be the one that will cause the big collapse. i wouldn't be shocked if fergie left united over something like this. berbs isn't going anywhere, remember. so if rooney leaves we have a striker (hmmm).

I would. He will say and do anything they want him to do for his £4M a year salary. He can't walk now after declaring them "excellent owners". Fergie has sided with the Glazers against the fans, just as those who renew will be doing. There really are no more excuses to renew. The wait and seers have waited and seen. The fight from withiners have worn their green and gold. If it's not followed up with a withdrawal of revenue, it will all have been in vain.

Originally Posted by wonky no

i feel sorry for rooney, you can see whats going to happen. he'll impress in the world cup and his price tag will be higher than ronnies was. real will table an offer, rooney wont want to leave but the yanks will force it.

will fergie be a puppet? i can see this summer being one that could wreck united for years.

I wouldn't blame Rooney for leaving, not one bit. He's one of the finest players in the World and approaching his peak. He deserves to play at a club that has higher ambitions then simply paying the interest bills of some American parasites. You think he'll be happy carrying United every season?

He'd £#%&!ing tear La Liga apart. Rooney furthest forward, with Ronaldo and Benzema either side and Kaka behind...that's a terrifying attack

Sniffer, see my posts

The Glazers will put as little into this club as they can get away with, sure - but there are limits. Were we ever to fall to mid-table a la Liverpool, the game would be up for them, and they know as much........

Rooney will not be sold this summer. If he was, SAF would walk. Yes he has "supported" them - but don't you think he hasn't made it clear to them that "support" has a price? You may simply think he's an amoral @#%&!, but he cares about his legacy nonetheless - and if the gimps do indeed turn everything to ratshit, he will make sure the blame goes where it belongs

As the man himself would say - nqat.

(Watcher - that may happen if the leeches are still here in a few years. Not yet, though)

Originally Posted by red in cumbria

Sniffer, see my posts

The Glazers will put as little into this club as they can get away with, sure - but there are limits. Were we to fall to mid-table a la Liverpool, the game would be up for them, and they know as much........

Rooney will not be sold this summer. If he was, SAF would walk. Yes he has "supported" them - but don't you think he hasn't made it clear to them that "support" has a price? You may simply think he's an amoral @#%&!, but he cares about his legacy nonetheless - and if the gimps do indeed turn everything to ratshit, he will make sure the blame goes where it belongs

As the man himself would say - nqat.

You use far too many smilies for a grown man. Also, how do you know this about SAF? All we have to go on is history and he's backed them every time, he's gone out of his way to back them. Never has he said he doesn't get involved in that side of the business and they should ask David Gill, he specifically praises the Glazers. SAF walking is just wishful thinking by people on here. He's had plenty of opportunities to distance himself from them and he hasn't taken them.