Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Man Utd's accounts show losses of 106m

Tue 22nd Mar 2011 | Money & Finance

Manchester United's parent company Red Football Joint Venture, have announced losses of £108.9million last year in their latest accounts.

The company owned by the Glazer family includes one-off costs from setting up the £526million bond scheme last year to replace their bank loans, according to accounts filed at Companies House.

The loss is and increase of approximately £20 million on the accounts released in October 2010 with the club’s total debt now standing at £590.4m, up from the 2009 figure of £566.1m.

The accounts cited the repayment of a bank loan totalling £526m giving "rise to an exceptional loss on interest rate swaps of £40.7m" and an unrealised currency exchange loss of £19.3m as the main factors for the loss.

It’s understood that the lack of income from selling players also contributed to the loss for the year ending June 30, 2010 - the previous year the company had recorded £21million profit thanks largely to the £80million sale of Cristiano Ronaldo.

Last year's losses included £30.2million interest on their £220million payment in kind (PIK) loans which have since been paid off.

United's club accounts were published in October and revealed losses of £83.6million - the PIK interest payment is not included in the club accounts - but club chief executive David Gill said then there was £165million in the club's bank account and that they were in a healthy position.

Gill said in October: "We have money in the bank so there is zero pressure on that, no pressure at all to sell any star player.

"The philosophy is to retain and attract the best players. We have £165million in the bank but in some ways we would prefer to have £80million in the bank and Ronaldo on the pitch."

 --------------------------------------------------------------------------------------------------- 

Advertisement - KABA Turnstiles


RETURN TO LATEST NEWS SECTION

 

SUBSCRIBE TO THE F.C. BUSINESS RSS FEED

 

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

West Ham United launch shirt auction in aid of Mexican earthquake relief

Fri 22nd Sep 2017 | Money & Finance

West Ham United will auction all match-worn shirts from this weekend’s London derby against Tottenham Hotspur , with all proceeds going to the victims’ families and survivors of this...

Stoke City success bringing benefits to region

Fri 22nd Sep 2017 | Money & Finance

Premier League football brought £130m to Stoke region and employed 2,200 people in one season, an EY study finds. The chance to play in the Premier League not only brings joy to fans of a club...

Manchester United Post Record Revenue Of 581m

Thu 21st Sep 2017 | Money & Finance

Manchester United has followed a successful year on the pitch with a successful year in business posting record revenues for the year ending 30 th June 2017. In a season which saw the club, under the...

30 September: the other deadline day

Mon 18th Sep 2017 | Money & Finance

As of 30 September 2017, all football clubs, sports agencies and their intermediaries will fall within the remit of the Criminal Finances Act. Through this Act, criminal sanctions can be imposed on...