|
||||
|
||||
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 |
|
|||
|
|||
Re: More financial woe
Nah no worries lads, we can "easily" meet payments..
Quote:
|
|
||||
|
||||
Re: More financial woe
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." |
|
|||
|
|||
Re: More financial woe
Quote:
It took the Glazers a couple of years. |
|
||||
|
||||
Re: More financial woe
Quote:
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 ;-} |
|
||||
|
||||
Quote:
|
|
|||
|
|||
Re: More financial woe
Quote:
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. |
|
||||
|
||||
Re: More financial woe
Quote:
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 |
Similar Threads for: More financial woe | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Next up on the financial doping lottery: Leeds United | Sparky*** | Football | 36 | 16-10-2019 03:56 PM |
Financial Fair Play is going out the window then.. | Sparky*** | Football | 87 | 03-07-2015 02:39 PM |
financial fair play watch | borsuk | Football | 35 | 21-12-2012 03:35 PM |
Setanta in financial trouble | Mr_Ed | Football | 95 | 24-06-2009 07:50 PM |
Financial Times summary of Red Football accounts (with link) | tim887 | Football | 42 | 18-04-2007 09:23 AM |