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Unread 19-05-2010, 09:48 AM
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"...

Unread 19-05-2010, 09:55 AM
Default Re: More financial woe

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!
Default Re: More financial woe

Nah no worries lads, we can "easily" meet payments..

"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
Default Re: More financial woe

nobody cares. so why should we?

Unread 19-05-2010, 05:31 PM
Tumescent Throb
Default Re: More financial woe

any more sponsorship deals announced recently?

money to money seems to me
Unread 19-05-2010, 05:39 PM
Default Re: More financial woe

Who cares, the renewals will cover it, so why should the owners worry?
Unread 19-05-2010, 06:33 PM
Default Re: More financial woe

MUST Press Statement sent out yesterday:

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
Default Re: More financial woe

what is the renewal date?
Unread 21-05-2010, 10:33 AM
Default Re: More financial woe

Originally Posted by elephantstone
what is the renewal date?
IIRC cut off date is 13 June.
Unread 21-05-2010, 10:34 AM
Default Re: More financial woe

so effectively they have to have their bid in within the next 4 weeks. Do you think that is possible?
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