Friday, May 18, 2012

SEE DEBT O! MANCHESTER UNITED REVEAL £ 250,000 PER DAY MASSIVE DEBT

Manchester United are bracing themselves for a new supporter backlash after their latest accounts revealed they lost £71million to financial obligations imposed by owners the Glazers over the last nine months. 



While neighbours Manchester City have been taking the Barclays Premier League trophy from them and signing players like Sergio Aguero and Yaya Toure in recent times, figures released on Thursday showed much of the Old Trafford revenue has been lost to interest payments and bond buybacks.

Put in simple terms, the money lost as United try to service debt levels that still stand at more than £420m is equivalent to £250,000 a day.

On Thursday night United supporters were aghast as the ongoing financial issues surrounding the Glazers' ownership became clear - days after the club's chief executive David Gill admitted they cannot compete with City in terms of player salaries. 

While United's accounts say gross debt has dropped by £61.2m from £484.5m to £423.3m - a 12.6 per cent reduction - this is countered by the club's cash reserves falling from £113m to £25.6m, a reduction of £87.4m.

In short, this means United are £26m worse off than 12 months ago.

A 5.8 per cent fall in total revenue - from £75.2m to £70.8m - reflects United's exit from the Champions League at the group stage and an early defeat in the FA Cup.


 

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