Utd report £48m profit

Originally Posted by Sparky***

Yeah, I've been saying for ages that everything is just fine. I feel really stupid now.

If there's one thing you're not its positive

Imagine how Dunk feels

tbf to the Glazers

the bond issue is the right way to go.

it's going to be doom for the next 5yrs, imo.

nft.

Originally Posted by Sparky***

Yeah, I've been saying for ages that everything is just fine. I feel really stupid now.

No worries pal. You're not the only one. Not by a long shot.

Originally Posted by My Name is Keith

Not having a go Sparks but is this just dawning on you now?

Originally Posted by zzalsar3

The ones who told the complainers to pipe down and support the club. Sparky
The ones who said it was pointless complaining. Sparky
The ones who only complained about the team did in performance and viewed that as totally separate from the finances. Sparky
The ones who called people splitters if they stopped going in protest. Sparky
The JCL types who were all cable-tv-to-the-max supporters mouthing off about the team but didnt care about the fan treatment cos they never went anyway but would be the loudest turbo-posting know-it-alls about "football" Sparky

hth

Originally Posted by believe

hth

he's right. I've had a £#%&!ing mare here.

Originally Posted by Liu Jian

Vidic will go in the Summer, and if these figures are anything to go by we'll be back in the shit even taking that and a limited transfer budget into account...unless this bond issue works, though the BBC man sounds confident.

It might be better if it doesn't and the Glazers are forced to sell for around £1bn.

There's good interest in it according to the Financial Times. Apparently it's an attractive rate, is secured on the club's assets and it's being underwritten by numerous major banks.

Great. That means we are going to be paying for the priviledge of being owned by the @#%&!s for a lot longer than hoped.

Originally Posted by RedMenace

There's good interest in it according to the Financial Times. Apparently it's an attractive rate, is secured on the club's assets and it's being underwritten by numerous major banks.

Oh well...I read that the average interest rate could be cut by 2% meaning around an extra £15m a year to spend (save) but I have no idea if this is actually true.

Originally Posted by Liu Jian

Yep, we're struggling to keep our head above water despite that prize money, and the new sponsorship deals with Saudi Telecom etc.

Vidic will go in the Summer, and if these figures are anything to go by we'll be back in the shit even taking that and a limited transfer budget into account...unless this bond issue works, though the BBC man sounds confident.
.

Is he coming to assassinate the yank @#%&!s?

Megalolz

Originally Posted by believe

hth

Hang on. It's probably a bit unfair to suggest that Sparky was personally responsible for the Glazers getting in.

He's just been a bit clueless, that's all. Nothing less, nothing more.

Originally Posted by Withers

Great. That means we are going to be paying for the priviledge of being owned by the @#%&!s for a lot longer than hoped.

Originally Posted by Liu Jian

Oh well...I read that the average interest rate could be cut by 2% meaning around an extra £15m a year to spend (save) but I have no idea if this is actually true.

Looks as if whatever crazy scheme they have in mind could come off alright but I wouldn't be all that informed on the actual day to day implications of it if it is successful. You'd have to think it gives them some bit of breathing space otherwise why bother?. They'll sell up eventually but it looks like it may be longer than hoped for.

Originally Posted by RedMenace

Looks as if whatever crazy scheme they have in mind could come off alright but I wouldn't be all that informed on the actual day to day implications of it if it is successful. You'd have to think it gives them some bit of breathing space otherwise why bother?. They'll sell up eventually but it looks like it may be longer than hoped for.

By that time I should imagine we'll be so £#%&!ed them selling up will be the least of our concerns.

They've basically hired a ferrari for the weekend, thrashed it to bits, sold the wheels and replaced them with pram wheels, sold the engine and replaced it with a shitty old robin reliant engine. Then they're going to try and sell it on. Now they've stripped it of any value what so ever.

it makes you wonder why the £#%&! they bought the club in the first place?

and more importantly/worringly, who is going to buy a club with so much debt?

nft.

As things have evolved today, the picture is becoming clearer.

The bond issue of £500m will be added with £30m cash, to repay the existing senior debt, the fees for the bond and a contribution towards a little interest rate gamble that didn't quite pay off.

The bond coupon will be 8.5% pa, so where the interest paid is £41.9m pa at present, it will be £42.5m pa in future.

The bonds have to be repaid in 2017, so unless someone comes up with some big cash before then, we'll be looking at another refinance at some stage.

There's £146m in cash in the business. £30m is going out as mentioned, with a further £70m being used to reduce the nasty PIK roll-up debt down to £148m. By paying off the senior debt, the Glazers remove a covenant preventing them paying a dividend. These can be used to reduce the PIK debt further in the next few years.

The revolving overdraft facility with J P Morgan has been replaced with a new one for £75m and Carrington is no longer part of the security, so look for a sale and leaseback at some stage to assist PIK paydown.

So, in cash terms, we end up paying no more than at present and will still have around £70m lying around the bank. Capital repayments have been put back to 2017 at the earliest.

Only downside, Red Football, despite turnover increased to £278m only managed a profit when the Ronaldo money was taken into account. The announced profit would have been a £32m loss without his sale.

Red Football's draft figures here;-

Originally Posted by My Name is Keith

Hang on. It's probably a bit unfair to suggest that Sparky was personally responsible for the Glazers getting in.

He's just been a bit clueless, that's all. Nothing less, nothing more.

I'd say i'm far more than clueless tbh.

Originally Posted by redloner

As things have evolved today, the picture is becoming clearer.

The bond issue of £500m will be added with £30m cash, to repay the existing senior debt, the fees for the bond and a contribution towards a little interest rate gamble that didn't quite pay off.

The bond coupon will be 8.5% pa, so where the interest paid is £41.9m pa at present, it will be £42.5m pa in future.

The bonds have to be repaid in 2017, so unless someone comes up with some big cash before then, we'll be looking at another refinance at some stage.

There's £146m in cash in the business. £30m is going out as mentioned, with a further £70m being used to reduce the nasty PIK roll-up debt down to £148m. By paying off the senior debt, the Glazers remove a covenant preventing them paying a dividend. These can be used to reduce the PIK debt further in the next few years.

The revolving overdraft facility with J P Morgan has been replaced with a new one for £75m and Carrington is no longer part of the security, so look for a sale and leaseback at some stage to assist PIK paydown.

So, in cash terms, we end up paying no more than at present and will still have around £70m lying around the bank. Capital repayments have been put back to 2017 at the earliest.

Only downside, Red Football, despite turnover increased to £278m only managed a profit when the Ronaldo money was taken into account. The announced profit would have been a £32m loss without his sale.

so by paying off the senior debt they can pay themselves a dividend?

Originally Posted by redloner

As things have evolved today, the picture is becoming clearer.

The bond issue of £500m will be added with £30m cash, to repay the existing senior debt, the fees for the bond and a contribution towards a little interest rate gamble that didn't quite pay off.

The bond coupon will be 8.5% pa, so where the interest paid is £41.9m pa at present, it will be £42.5m pa in future.

The bonds have to be repaid in 2017, so unless someone comes up with some big cash before then, we'll be looking at another refinance at some stage.

There's £146m in cash in the business. £30m is going out as mentioned, with a further £70m being used to reduce the nasty PIK roll-up debt down to £148m. By paying off the senior debt, the Glazers remove a covenant preventing them paying a dividend. These can be used to reduce the PIK debt further in the next few years.

The revolving overdraft facility with J P Morgan has been replaced with a new one for £75m and Carrington is no longer part of the security, so look for a sale and leaseback at some stage to assist PIK paydown.

So, in cash terms, we end up paying no more than at present and will still have around £70m lying around the bank. Capital repayments have been put back to 2017 at the earliest.

Only downside, Red Football, despite turnover increased to £278m only managed a profit when the Ronaldo money was taken into account. The announced profit would have been a £32m loss without his sale.

good work, as ever.

bold bit is, ahem, interesting. the games these people play in the finance industry eh!

The most dangerous PIKs are secured on the Glazers assets so I would think they'll be wanting to do something about that, and this is where the dividends would come in I guess. I hate to be simplistic but is there any chance of more money being freed up for the team in order to keep its on field performance levels high?