Man U £100M operating profit, Overall Loss £80M

Generali

liam8282 wrote: »

Yes but that is one of the main reasons for the banking collapse wasn't it?

People securing mortgages that they couldn't afford to repay, against assets that were over valued.

True.

However a better analogy with H&G is that they MEW'd to build a stadium (an asset) and then wee'd the money away on other hobbies. Then the underlying business has found it hard to support the increased debt.

lemonjelly

This thread is just for the scouse "fans";) to increase their thanks count mutually...;)

dopester

Does anyone remember a bond issue, or debt issue, by Manchester United about 10-16 months ago?

I think Goldman handled it, creamed off their fees, but successfully placed the issue.

Did that not take some of the debt burden away from the Glazers, the parent company, or Manchester United the club itself?

dori2o

dopester wrote: »

Does anyone remember a bond issue, or debt issue, by Manchester United about 10-16 months ago?

I think Goldman handled it, creamed off their fees, but successfully placed the issue.

Did that not take some of the debt burden away from the Glazers, the parent company, or Manchester United the club itself?

The bond was issued in order to effectively refinance the bank loans which included poenalties for failure to pay, and other things.

Essentialy bonds to the tune of £500M were sold, with dividend/Interest payments of £45M a year. BUT the biggest scam with the bond is that the prospectus allows Glazer to take upto £100M a year out of the club in 'Management Fees'.

These bonds mature in 2017, at which point the Glazers will have to pay out the value of the bonds at that time which is likely to be in excess of the £500M.

So in the 7 years the bonds will be in place, that is another £315M the Glazers wil have taken out of the club.

Another thing to consider is the loss of tax revenue to the exchequer. At no point since the takeover in 2005 have United had to pay any Corporation tax due to the severe level of the debt and payments due on it.

careinthecommunity

GHOULES_ARE_BACK_IN_TOWN wrote: »

football. yawn!!

no its LOL Man UTD

one of the biggest football franchise in the world, the PLC dream...

suited-aces

This depresses me.

GDB2222

dori2o wrote: »

So in the 7 years the bonds will be in place, that is another £315M the Glazers wil have taken out of the club.

But that's why they bought it in the first place. It's a wonderful deal, all financed with debt, and whatever's left over for the buyers is bunce. Shame it's a football club that people got attached to. If you don't like it, support another club. MU is a business, just another money-making machine.

My own view FWIW is that I can go and watch a perfectly good game of Rugby at the local playing fields, and they are glad of an extra face on the touchline. Why people get so fussed about paying a fortune for tickets, to stand miles from the pitch and watch a load of overpaid professionals playing in the distance is totally beyond me. Maybe someone will explain. Anyway, the Glazers don't get a penny from me.

dopester

We gave a £15 donation (£5 each x 3) to get FC United up and running, when Glazer was coming in. Got a certificate of foundership somewhere. Never been to see them play mind, nor follow results actively. Also I'm not comfortable with their current attempt to raise a few million to build a stadium for themselves. The money might go further in purchase power in the future - or to buy some failed club's stadium at a cheaper rate.

I've not been to Old Trafford to watch Manchester United for about 9 or 10 years. When a Barnsley fan gave me a dig in the back trying to provoke a fight outside, but only because I've not had free tickets since then.

Where you GDB222 might be happy to stand and watch free rugby, I do appreciate quality at highest levels of the game. To compete and try and win. To win promotion to top flight league to compete with other teams going for the same thing. To also stay up in highest leagues. And when you give your support you follow.

Isn't that a hidden but driving ambition in all of us? To be the best at what we do and what we enjoy. Well maybe not so much for socialists. To want to play the best and get victory and be the best in our fields. In sports, to win against other people or teams who also want to be the best?

Except in many instances you'd think they could get better value for money with some Premiership players. Yet not be the best at the expense of risking your financial position.

dori2o

GDB2222 wrote: »

But that's why they bought it in the first place. It's a wonderful deal, all financed with debt, and whatever's left over for the buyers is bunce. Shame it's a football club that people got attached to. If you don't like it, support another club. MU is a business, just another money-making machine.

My own view FWIW is that I can go and watch a perfectly good game of Rugby at the local playing fields, and they are glad of an extra face on the touchline. Why people get so fussed about paying a fortune for tickets, to stand miles from the pitch and watch a load of overpaid professionals playing in the distance is totally beyond me. Maybe someone will explain. Anyway, the Glazers don't get a penny from me.

It's not that simple.

You never, ever change your colours. I was born a United fan, I've always been a United fan and I always will be. I don't like what's happening to the club, but that is no reason to abandon them. I've done my bit to get rid of the Glazers culminating in the most difficult decision I have ever had to make when it came to season ticket renewal this year. I decided not to renew and won't go back until Glazer has gone.

Other, as noted above, have been happy to go to FC United games, but again, I won't. I didn't agree with the club being set up and I still don't agree with it now. It's not Manchester United, and the ONLY affiliation between them is that it was started by 'fans' who deserted United. It's another club entirely, and has recently been the subject of claims of Anti-United (not just anti-Glazer) chanting.

If I can't go to United games, I certainly won't be attending anyone elses games.

koexelek

dori2o wrote: »

It's not that simple.

You never, ever change your colours. I was born a United fan, I've always been a United fan and I always will be. I don't like what's happening to the club, but that is no reason to abandon them. I've done my bit to get rid of the Glazers culminating in the most difficult decision I have ever had to make when it came to season ticket renewal this year. I decided not to renew and won't go back until Glazer has gone.

Other, as noted above, have been happy to go to FC United games, but again, I won't. I didn't agree with the club being set up and I still don't agree with it now. It's not Manchester United, and the ONLY affiliation between them is that it was started by 'fans' who deserted United. It's another club entirely, and has recently been the subject of claims of Anti-United (not just anti-Glazer) chanting.

If I can't go to United games, I certainly won't be attending anyone elses games.

I started boycotting in 2005 when the Glazers first took over, but it's got to the stage now where ( unless ticket prices were dramatically reduced) I still could not afford to go, even if the Glazers sold the club to Eric Cantona, Bryan Robson and Martin Buchan

I'm not anti FC United, but it isn't for me personally. I can't pretend a non league team is Manchester United.

The only thing that will defeaet the Glazers is bad performances on the pitch. Sadly, the majority of the support care little about the bigger picture, as long as United are winning things, hence it is difficult to get a boycott to have any major momentum.
It would have been a lot easier in the Sexton years, or the late 80's