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Unread 19-05-2010, 09:48 AM
Mr_Ed
 
Default More financial woe

Up to £70m dividend to be removed from the club to meet the demands of the PIK notes... and "there's no value in the market"...

http://www.timesonline.co.uk/tol/spo...cle7130227.ece
 
Unread 19-05-2010, 09:55 AM
redloner
 
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To be fair, we knew about the "dividend" back in January. The question is, have the Glazers done it yet?

The quarterly accounts for the period following the bond issue are due first week in June. We'll learn more then.
 
Unread 19-05-2010, 09:58 AM
That Boy Ronaldo!
 
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Nah no worries lads, we can "easily" meet payments..

Quote:
"The revenues coming into the club, but also into football, are significant and we easily can meet those interest payments.

"So we're very confident that the business model we have in place will be secure and will ensure the club can continue to compete at the top of football for many years to come."
 
Unread 19-05-2010, 11:30 AM
El Chalten
 
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nobody cares. so why should we?

nft.
 
Unread 19-05-2010, 05:31 PM
Tumescent Throb
 
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any more sponsorship deals announced recently?

money to money seems to me
 
Unread 19-05-2010, 05:39 PM
ScarFace
 
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Who cares, the renewals will cover it, so why should the owners worry?
 
Unread 19-05-2010, 06:33 PM
redwhiteandblack
 
Default

MUST Press Statement sent out yesterday:

GLAZERS WASTED MILLIONS OF UNITED FANS' MONEY
MANCHESTER UNITED SUPPORTERS TRUST CALLS ON SEASON TICKET HOLDERS TO STAND UNITED
The Glazers took effective control of Manchester United on May 12th 2005 and in the 5 years since then not only have they plunged a profitable club into more than £700m of debt but they have also wasted hundreds of millions of pounds along the way too. Furthermore the interest rate on the most toxic (£220.6m PiK notes) debt is set to rise from 14.25% pa to an eye-watering 16.25%. Would anyone allow that kind of credit card rate of interest to continue if they had other funds available to prevent this horrendous interest bill rolling up?


A MUST spokesman said:
"During the period of the Glazers' ownership they have wasted £437m in fees and interest - more than the total ticket revenue (£398m) for the full 5 year period. In other words, without the Glazers' takeover, every supporter could have attended Old Trafford free of charge for the last 5 years and in addition the club could have paid every season ticket holder £700 cash lump sum each and the club would still have been no worse off if it wasn't for the tax the Glazers have avoided paying!"

"That is the problem with the Glazers' ownership. They have wasted every single penny supporters have paid for tickets over the entire 5 years of their ownership. Every single penny of OUR money which we paid to OUR club."


"However that is just the interest and fees that have been wasted. On top of that they have transformed a club with no debt and a surplus of more than £40m cash in the bank into a club with more than £700m of debt."


"This is why we want to see the Glazer ownership come to an end before the start of next season. As supporters who love the club, we cannot stand by any longer letting them continue to damage our club. Season ticket holders are encouraged to delay renewing until the Red Knights bid comes in and sign up at www.joinmust.org/power to find out what else they can do along with the 157,000 Manchester United supporters who've already joined MUST."
 
Unread 21-05-2010, 09:44 AM
elephantstone
 
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what is the renewal date?
 
Unread 21-05-2010, 10:33 AM
redloner
 
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Quote:
Originally Posted by elephantstone
what is the renewal date?
IIRC cut off date is 13 June.
 
Unread 21-05-2010, 10:34 AM
elephantstone
 
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so effectively they have to have their bid in within the next 4 weeks. Do you think that is possible?
 
Unread 21-05-2010, 11:12 AM
Tumescent Throb
 
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Quote:
Originally Posted by elephantstone
so effectively they have to have their bid in within the next 4 weeks. Do you think that is possible?
they should put it in now and get it over with tbh

all a bit embarrassing
 
Unread 21-05-2010, 11:38 AM
redloner
 
Default

Quote:
Originally Posted by elephantstone
so effectively they have to have their bid in within the next 4 weeks. Do you think that is possible?
Haven't a scooby. Considering all this kicked off with the bond prospectus second week in January it would be amazing if they could pull it all together in just four/five months.

It took the Glazers a couple of years.
 
Unread 22-05-2010, 03:11 PM
redwhiteandblack
 
Default

Quote:
Originally Posted by Tumescent Throb
they should put it in now and get it over with tbh

all a bit embarrassing
Who for?

The bid will be in within 3 weeks.
 
Unread 22-05-2010, 04:00 PM
Tumescent Throb
 
Default

Quote:
Originally Posted by redwhiteandblack
Who for?

The bid will be in within 3 weeks.
no shit

can't wait
 
Unread 23-05-2010, 04:53 PM
Sullingtons
 
Default

Quote:
Originally Posted by Tumescent Throb
they should put it in now and get it over with tbh

all a bit embarrassing
so the glazer take over wasn't?
 
Unread 23-05-2010, 11:48 PM
Tumescent Throb
 
Default

Quote:
Originally Posted by Sullingtons
so the glazer take over wasn't?
not sure what that's got to do with it tbh

the ease with which the glazers got bankrolled was less embarrassing and more of an indictement on the finance industry

tell you what was embarrassing though, "we'll only sit down, when glazer £#%&!s off". still cringe now tbh. i was the one not joining in btw ;-}
 
Unread 24-05-2010, 05:42 AM
waynes ear's
 
Default

Quote:
Originally Posted by Tumescent Throb
not sure what that's got to do with it tbh

the ease with which the glazers got bankrolled was less embarrassing and more of an indictement on the finance industry

tell you what was embarrassing though, "we'll only sit down, when glazer £#%&!s off". still cringe now tbh. i was the one not joining in btw ;-}
Are you being paid by the Glazers to post this shite?
 
Unread 24-05-2010, 12:25 PM
Tumescent Throb
 
Default

Quote:
Originally Posted by waynes ear's
Are you being paid by the Glazers to post this shite?
how d'ya mean babes?
 
Unread 24-05-2010, 03:53 PM
Sullingtons
 
Default

Quote:
Originally Posted by Tumescent Throb
not sure what that's got to do with it tbh

the ease with which the glazers got bankrolled was less embarrassing and more of an indictement on the finance industry

tell you what was embarrassing though, "we'll only sit down, when glazer £#%&!s off". still cringe now tbh. i was the one not joining in btw ;-}
you must remember it different then - I remember it going on about a year and them slowly buying enough for a hostile takeover. Then they weren't safe anywhere near OT.

They also were vilified by the financial press/analysis because of how bad the leveraged debt was. They were mocked by supporters, criticized by the financial community and even shunned by (most of) the board.

Pretty £#%&!ing embarrassing imo.
 
Unread 24-05-2010, 04:44 PM
Tumescent Throb
 
Default

Quote:
Originally Posted by Sullingtons
you must remember it different then - I remember it going on about a year and them slowly buying enough for a hostile takeover. Then they weren't safe anywhere near OT.

They also were vilified by the financial press/analysis because of how bad the leveraged debt was. They were mocked by supporters, criticized by the financial community and even shunned by (most of) the board.

Pretty £#%&!ing embarrassing imo.
no, i meant what has that debacle got to do with this one?

they may have been vilified by the world of finance btw, but i don't see the world of finance giving back the £#%&!ing millions they've made out of the deal
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