Refinancing the debt

Originally Posted by Sparky***

We've only got £370m debt now.

Wasn't it about £680m when they first took over?

only on paper

this latest paper stroke appears to have reduced it

it probably just means there's another financial crash looming and [the finance industry] can't risk dragging too much of the debt out too much longer

Originally Posted by RedMenace

Sounds about right. They've been very kind to the finance industry have our beloved owners. Lots of interest payments and arrangement fees.

It's certainly been a successful collaboration so far.

Bellers is going to be delighted with this news

Originally Posted by Tumescent Throb

It's certainly been a successful collaboration so far.

The Glazer offspring have never had anything approaching this kind of success in any previous ventures as far as I'm aware. Somebody's done a good job for them.

Originally Posted by RedMenace

The Glazer offspring have never had anything approaching this kind of success in any previous ventures as far as I'm aware. Somebody's done a good job for them.

It's harder and harder for people not to see that as the truth now, surely. It's pretty hard to mock clubs with sugar-daddies when our own club is effectively bank-rolled by other people's money.

not bank-rolled as such but can't be arsed to rewrite that - basically we're run using state of the art finance industry scamming

Originally Posted by Tumescent Throb

It's harder and harder for people not to see that as the truth now, surely. It's pretty hard to mock clubs with sugar-daddies when our own club is effectively bank-rolled by other people's money.

not bank-rolled as such but can't be arsed to rewrite that - basically we're run using state of the art finance industry scamming

We're spending a hell of a lot less than we earn through our own means?

Originally Posted by dragflick

We're spending a hell of a lot less than we earn through our own means?

we're talking about how United has lined the pockets of the glazers and the finance industry though

Originally Posted by Tumescent Throb

we're talking about how United has lined the pockets of the glazers and the finance industry though

Rothschilds appear to be quite tight with the Glazers.

http://www.stuff.co.nz/sport/footbal...cut-debt-costs

the executive quoted there helped push their takeover through along with this guy who's now on the board

http://ir.manutd.com/phoenix.zhtml?c...vBio&ID=223564

Originally Posted by Sparky***

it's taken them 8 years to knock £300m off the debt......in that time it's been pretty much constant success, along with selling our best player for the best part of £100m...3 champions league finals....5 league titles....

makes you wonder how long it will take to pay the rest off if moyes doesn't deliver..

All this longevity bullshit... If Moyes doesn't deliver he's out!

if we'd had a midfield for the last 5 years we'd have been european champions and city would never have won the league.

the glazers are successful rapists. good for them.

so we like them now?

Originally Posted by Sparky***

it's taken them 8 years to knock £300m off the debt......in that time it's been pretty much constant success, along with selling our best player for the best part of £100m...3 champions league finals....5 league titles....

makes you wonder how long it will take to pay the rest off if moyes doesn't deliver..

They started off with a 67k capacity stadium with the now £49 seats at about £27 each. Revenue has steadily grown and the debt is finally coming down.

However, what puzzles me is this talk of this debt. I thought "we" had made a £500m bond issue back in 2010 that matures in 2017? Or is that included in this debt?

Originally Posted by Tumescent Throb

It's harder and harder for people not to see that as the truth now, surely. It's pretty hard to mock clubs with sugar-daddies when our own club is effectively bank-rolled by other people's money.

not bank-rolled as such but can't be arsed to rewrite that - basically we're run using state of the art finance industry scamming

we have had hundreds of millions of the club's money taken away and the plasticos have had hundreds of millions of somebody else's money gifted to them.

I can see the similarity though: both clubs use a bank

come on throbbers - talk sense.

We never found out what happened to those PIK notes at super high interest did we?

Originally Posted by Mr_Ed

We never found out what happened to those PIK notes at super high interest did we?

Super Malc wiped his piss shit and dribble up with them after his stroke

Originally Posted by Mr_Ed

We never found out what happened to those PIK notes at super high interest did we?

They were paid off with the proceeds from the bond issue as far as I know.

Originally Posted by 92ToBury

They started off with a 67k capacity stadium with the now £49 seats at about £27 each. Revenue has steadily grown and the debt is finally coming down.

However, what puzzles me is this talk of this debt. I thought "we" had made a £500m bond issue back in 2010 that matures in 2017? Or is that included in this debt?

Included. They paid some of it off after the flotation and have been buying back chunks of it over the years. Nobody can say where the money came from to pay the PIKs but they don't feature anywhere in United's accounts. Malc must have won the lotto.

Originally Posted by RedMenace

Included. They paid some of it off after the flotation and have been buying back chunks of it over the years. Nobody can say where the money came from to pay the PIKs but they don't feature anywhere in United's accounts. Malc must have won the lotto.

Just checked to see how bad my memory was. Under the terms of the bond issue, only £70m of the bond proceeds could go towards clearing the PIKs. They were held at the RFJV level of the corporate structure and Joel Glazer signed a ‘voluntary free payment notice’ to repay 100pc of the outstanding loan on November22 2010.

That does, as you say, leave the bond debt as the main (probably only large) debt - 2017 is d-day for that but if they've been buying large chunks of it themselves, it's one very clever way of shipping large chunks of cash out of their own company. If they personally own most of the bonds by then, the club will have to buy them back off the Glazers, approximately half a billion quid's worth!

Originally Posted by jem

if we'd had a midfield for the last 5 years we'd have been european champions and city would never have won the league.

the glazers are successful rapists. good for them.

pretty spot on.

I loathe them.

Originally Posted by 92ToBury

Just checked to see how bad my memory was. Under the terms of the bond issue, only £70m of the bond proceeds could go towards clearing the PIKs. They were held at the RFJV level of the corporate structure and Joel Glazer signed a ‘voluntary free payment notice’ to repay 100pc of the outstanding loan on November22 2010.

That does, as you say, leave the bond debt as the main (probably only large) debt - 2017 is d-day for that but if they've been buying large chunks of it themselves, it's one very clever way of shipping large chunks of cash out of their own company. If they personally own most of the bonds by then, the club will have to buy them back off the Glazers, approximately half a billion quid's worth!

They probably have been buying up some in the secondary market, no way of knowing for sure. United have been buying them back in dribs and drabs I think they've bought over £100m worth even aside from the flotation proceeds. What a great use of the club's money :shakehead: