VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

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

Man Utd Debt Reaches 716m

Wed 20th Jan 2010 | Money & Finance

Debts at the parent company of Manchester United have increased to £716.5m ($1.17bn), according to its latest accounts.

The company, called Red Football Joint Venture, is owned by the Glazer family and secures its debts against the football club.

The accounts, for the year to June 2009, show United's debts passing £700m for the first time.

More than £68m was paid in interest alone, the accounts show.

Despite the debts, the club turned a profit of £6.4m for the year - a marked improvement on the £47m loss reported at the end of the 2007/08 season.

The accounts also show that player sales brought in a profit of £80.7m - the price paid by Real Madrid for Cristiano Ronaldo in the summer.

The increased size of Manchester United's debts, and the amount of money being used to pay interest on them, are likely to concern fans.

Earlier this year, the Glazer family, which has controlled Manchester United since 2005, announced plans for a £500m bond issue designed to reduce debt repayments.

The news will no doubt upset many of those who opposed the takeover of the club by the Glazers. Many fans have become disenchanted with the club in recent months over the lack progress in the transfer market and the teams performances on the pitch, which seen them lose to their rivals Manchester City last night.

 

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

Related Articles

In Focus: Relegation. Can It Reduce Your Business Rates?

Mon 27th Mar 2017 | Money & Finance

It is that time of year again….the happy financial prospect of promotion for a few or the nightmarish vision of relegation for other clubs. So how does league status affect a club’s...

Chancellor Misses Rate-Relief Open Goal In Budget

Thu 9th Mar 2017 | Money & Finance

Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...

Leicester City make pre-tax profit of 16.4m after winning Premier League

Thu 2nd Mar 2017 | Money & Finance

Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...

Liverpool FC announces financial results for year to May 2016

Wed 1st Mar 2017 | Money & Finance

Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...